The Department of Primary Industries and Regional Development is offering a total of $150,000 in grants to help agriculture, food and beverage businesses attract investment and growth capital.
Applications are now open for the Investor Ready Incentive Scheme grants of up to $50,000 for individual premium food and beverage businesses with a turnover of up to $20 million with high growth potential.
Successful recipients would be required to contribute matching dollar for dollar funds to develop an investment attraction profile and financial model, boosting their external transaction credibility and brand.
DPIRD Agribusiness and Food Investment acting general manager Susan Hall said the businesses would be supported by the department throughout the process.
“The department is focused on supporting industries to reach their full potential by attracting and facilitating investment, and assisting businesses who want to further develop their projects to the investment-ready stage,” Ms Hall said.
“Feedback from industry and potential investors shows there are a lack of agriculture and food businesses prepared and positioned for investment in WA, which is an impediment to economic growth.
“We want to assist WA businesses to take advantage of opportunities to expand into new markets, particularly in Asia. This scheme will help to identify businesses that have great potential, but don’t currently have the in-house expertise to explore new opportunities.
“These grants will give small and medium sized food businesses the support they need to grow, helping to diversify our economy and create new jobs.”
For more information about Agribusiness and Food Investment and the Investor Ready Incentive Scheme go to www.waopenforbusiness.wa.gov.au