What is it?
The Australian government recently announced its new Modern Manufacturing Strategy, which will involve a $1.5 billion investment in Australian manufacturing, targeting six national “manufacturing” priorities for five years from FY21. The Strategy, which will include another round of the highly successful Manufacturing Modernisation Fund (MMF) released in 2019, is part of the government’s broader plan to stimulate the Aussie economy following the impacts of COVID-19.
How can you benefit?
If your business is looking to improve, scale-up, or completely overhaul your manufacturing capabilities the MMF funding could be of significant benefit to you. The MMF supports investments into transformative technologies and processes and is specifically for SME manufacturers that are incorporated in Australia and employ 199 staff or less.. It will fund $100K-$1M on a three to one funding basis and a funding round is expected to open this year.
What do you need to prepare?
Once open, application rounds don’t last long so it’s important to prepare early to ensure you submit a well-described and evidence-based application to put your best foot forward. We recommend you prepare in advance of the funding round opening and that you have on hand:
- a project plan, or a document that describes exactly what your project will involve – what you will be investing in, project milestones, and the impact will your investment have on your business and the broader economy
- a project budget showing how project funds will be allocated
- evidence of your company’s ability to fund its portion of the project expenditure
- any supporting documentation to back up the claims you make in your application – these could include quotes or invoices showing the investment amount, or research notes showing the improvement your investment will make to your manufacturing capabilities.
If this piques your interest but you’re not sure if you qualify, reach out to our friendly R&D Incentives & Grants team at William Buck for a free consultation today.