I am pleased to announce that Indian Ocean Territories (IOT) businesses will be eligible to apply for grants from $50,000 to $10 million under the first round of the newly announced Northern Australia Development Program, supporting business expansion, diversification and potential new industry investment across the region.
The IOT is an important strategic region rich in future business opportunities to leverage off the region's unique and extraordinary natural environment.
The Northern Australia Development Program will provide a vital injection of capital for successful existing or new businesses looking to expand or invest in the Northern Australian region, including the IOT. The program offers a total of $111.9 million in funding this supports grants and advisory services and administration.
The Business Development Grants target small to medium corporations with business expansion and diversification grants of between $50,000 and $2 million, which can go towards activities such as feasibility studies, business planning and marketing activities.
The Industry Transformation Grants offer corporations with over twenty employees between $3 million and $10 million to establish a new industry or grow an existing industry, contributing to transformational change in the region.
The Northern Australia Development Program is expected to open for applications 4 November, with grants being awarded in February next year, and I encourage all eligible IOT businesses to apply.
The program guidelines for both streams can be found at: https://business.gov.au/news/scale-up-and-diversify-your-business-in-northern-australia.
