A $111.9 million boost will be delivered to Northern Australian businesses via two new business development grant programs, with applications to open in early November.
Covering to up 50 per cent of the total cost of individual projects, the Northern Australia Development Program will be separated into two streams.
Stream one will target small to medium entities with business expansion and diversification grants between $50,000 to $2 million.
Stream two will offer corporations between $3 million and $10 million to establish a new industry or grow an existing one.
Minister for Agriculture and Northern Australia David Littleproud said the investment is needed to drive the development of diverse and profitable businesses and create jobs in the region.
“These grants will help businesses to fund new capital expenditure investments like the construction of infrastructure or assets, or to undertake business planning and feasibility studies,” Littleproud said.
“Growing existing, emerging, and new industries in the north will contribute to transformational change and make it a more attractive place to invest and do business.”
Grants are anticipated to be awarded in February 2022, with the eligibility guidelines to be released at the end of this month.
Townsville-based Senator Susan McDonald said she is committed to driving the vision of a stronger and diversified northern Australian economy.
“Northern Australia has more than 96,000 businesses, 1,100 of which are Indigenous-owned,” said McDonald.
"It is a great place to work, live and do business and I am excited about the unique prospects this program can deliver”.
Updated at 2pm AEST on 15 September 2021.
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