Aims to assist business and industry in key areas to grow secure, well paid jobs, improve productivity, increase exports and support innovative, value adding technologies in South Australia.
The Government will hold a series of competitive funding rounds targeting specific sectors and key government objectives.
A total of $20 million will be available under Round 1 of the ERF, offering grants or loans under two streams:
1. Manufacturing Innovation
2. Regional Tourism Infrastructure Development.
The objectives of the Manufacturing Innovation stream are to:
– Facilitate diversification into new manufacturing sectors, markets or market segments in South Australia through developing commercially ready products and service offerings
– Improve the productivity, competitiveness and/ or export opportunities of South Australian manufacturing companies through innovation, including the development of new business
processes or capabilities
– Encourage modern technology adoption, product and process improvements and new capabilities for manufacturers, including decarbonisation and through collaboration with
researchers and between businesses
– Drive growth in emerging industries manufacturing high-value products in South Australia
– Develop and retain a highly skilled manufacturing workforce
– Increase the opportunities for South Australian companies to participate in global supply chains.
The objectives of the Regional Tourism Infrastructure Development stream are to:
– Develop or enhance tourism infrastructure or facilitate new private sector investment in building new accommodation in areas of need within regional South Australia
– Support private projects that require infrastructure builds or upgrades to better provide a tourism experience, such as new attractions.
Financial assistance offered under Round 1 is in the form of either a direct grant or Treasurer’s Loan. Loans will be offered at the South Australian Government Financing Authority’s borrowing rates plus an administration fee of 0.5% per annum.
Businesses and organisations are eligible to apply for Economic Recovery Fund assistance.