IT Grants Available for the Manufacturing Industry in Melbourne
In Australia, manufacturing forms a critical foundation for the economy, contributing to almost every supply chain and adding value to all sectors, and adding $100 billion to Australian GDP annually while supporting around 900,000 jobs. In order to support a strong recovery from the 2020 economic crisis, the Victorian government is offering a series of grants to increase manufacturing competitiveness, boost economic growth and provide more jobs. Importantly, these grants are designed to boost the manufacturing industry into the future by opening up opportunities to implement advanced, highly-efficient and secure IT-based systems. Here’s some insight into IT grants for the manufacturing industry.
Advancing Victorian Manufacturing – A Blueprint for the Future
Advancing Victorian Manufacturing is a strategic model implemented by the Victorian Government in order to assist with the transformation of the manufacturing industry in the state. It includes initiatives to boost local manufacturing businesses, access and secure supply chain opportunities at a global level, and create new job opportunities in the process.
Future Industries Manufacturing Program (FIMP)
The FIMP is a program targeted to the needs of the manufacturing industry, offering funding of up to AU$500,000 (25% of eligible expenditure) to business in Victoria seeking to implement new manufacturing technologies and processes. The program is aimed at enabling these organisation to grow, set the standard for industry excellence, and develop world-class supply chain capabilities. It is open to businesses in new energy technologies, medical technologies and pharmaceuticals, food and fibre, transport, defence, international education, professional services, and construction technologies.
This fund is limited to projects with an eligible expenditure of AU$100,000 or more, and includes projects such as the purchase of capital equipment, improvements to manufacturing products and processes, supply chain capability development, and prototype development and testing.
Local Industry Fund for Transition (LIFT)
The LIFT Program is designed to support investment and create greater capacity for sustainable jobs in the car manufacturing industry. This includes grants of up to 25% of eligible project expenditure (capped at AU$2 million), excluding projects that fall under the AU$200,000 minimum. Eligible projects include business establishment and expansion, construction fit-outs or expansion, relevant project management costs and labour costs.
Next Generation Manufacturing Investment Programme
This is an Australian Government program (part of the Australian Government’s $155 million Growth Fund) designed to assist manufacturing businesses and the industry as a whole in Victoria and South Australia. The program is currently in Round 2 of funding, with Round 1 having invested AU$55.5 million in 26 firms for a total investment of AU$146.8 million. These grants are specifically designed to support businesses in investing in future technologies, cutting-edge equipment and innovative new processes, and the grants available come to between AU$500,000 and AU$2.5 million (up to one third of their total project costs).
Protect Your IT Assets – Protect Your Business’s Future
IT plays a pivotal role in the manufacturing industry, from data management and distribution to real-time management of manufacturing processes, enhanced communications, streamlining the supply chain, process automation, predictive analytics, energy and operations management, and so much more. Building a future for your manufacturing business means finding a managed IT services partner who understands your industry and what you want to achieve. AtOtto IT, we’ll help ensure that your digitisation process is as secure, efficient and productive as possible, developing custom software solutions that secure your data, manage your network and keep costs under control as you focus on growing your business.