The Minister for Agriculture and Northern Australia, David Littleproud has today announced that the first round of a dedicated Northern Australia business development grants program will open to a strategic corridor across the north in early November.
The Northern Australia Development Program will offer $111.9 million through two simultaneous grant streams, covering up to 50 per cent of the total cost of individual projects, and will be supported by a business advisory service for applicants.
The first stream will target small to medium corporations with business expansion and diversification grants of between $50,000 and $2 million. The second stream will offer corporations between $3 million and $10 million to establish a new industry or grow an existing industry.
Minister Littleproud said the investment is needed to drive the development of diverse and profitable businesses and create jobs in Northern Australia.
"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," Minister 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," he said.
The Special Envoy for Northern Australia, Townsville-based Senator Susan McDonald, said she is committed to driving the vision of a stronger and diversified northern Australian economy.
"The north is where we do business and it contributes so much to our national prosperity," Senator McDonald said.
"This grants program is another step towards levelling the playing field for businesses in the north."
"Northern Australia has more than 96,000 businesses, 1,100 of which are Indigenous owned. It is a great place to work, live and do business and I am excited about the unique prospects this program can deliver".
The program is expected to open for applications in early November, with grants being awarded in February next year. The eligibility guidelines will be released at the end of September.
