The State Government has launched the $150 million Regional Growth Fund (RGF) to bolster South Australia’s regional economy and support job growth, with an inaugural competitive funding round to open in July.
The RGF, delivering $15 million per year over 10 years, was a key plank of the Liberal Party’s Recharging Our Regions plan.
The 2018-19 RGF competitive funding round will open on 2 July, with funding available for regional development initiatives from $50,000 up to $2 million on a matched dollar for dollar basis, with applications to be assessed by a panel led by an independent chair.
“The State Government recognises the critical importance of regional South Australia to the state’s economy and our regional communities and industries are excited about the opportunities through the Regional Growth Fund,” said Minister for Primary Industries and Regional Development Tim Whetstone.
“Organisations can now view the guidelines of the RGF online and determine their eligibility.
“In addition to the annual $5 million competitive round of funding in the RGF, $10 million in the Fund will be open to applications all year-round for strategic projects with a focus on leveraging other sources of funding.
“The Fund will open up opportunities for future investment in South Australia beyond simply state government support.
“The Fund has been established to unlock new economic opportunities, build and strengthen communities and support more regional jobs.
“Our aim is to support new activity that would not occur otherwise and assist regions to grow, become more vibrant and provide rewarding job opportunities.
“We will also be looking at projects where the cost of doing business can be reduced, and where broader economic benefits will be achieved, for community and multiple entities including those not directly associated with the project.
“Regional South Australia is full of innovative forward thinkers and people who are looking to do business smarter and more effectively and we look forward to funding innovative projects that create sustainable benefits to the local region and to the state overall.”
Applications for the 2018 round of the competitive pool will open on 2 July and close 31 August 2018. For more information, including guidelines, visit www.pir.sa.gov.au/regionalgrowthfund.