Grants and funding, Manufacturing, Manufacturing News

Manufacturing growth funding tops $3 million

Recipients of the fourth Advanced Manufacturing Accelerating Growth Program round have been announced, with 11 Tasmanian advanced manufacturers sharing in almost $1 million in funding to help grow their businesses.

Minister for Advanced Manufacturing and Defence Industries, Madeleine Ogilvie, said the fourth and final round of the program has taken the total number of businesses supported to 34, sharing in 38 separate grants worth more than $3 million.

“This program has encouraged innovative advanced manufacturers to invest in equipment to support growth into new markets or expand current ones, whether they are interstate or overseas,” she said.

“The latest round sees almost $870,000 going to 11 businesses, with more than half located in regional areas.

“Today’s successful applicants represent diverse businesses working in food production, engineering, equipment manufacturing and precision machining, to name a few.

“From Wynyard, Little Swanport and Hobart, to Quoiba, Ulverstone and Geeveston, projects receiving funding stretch right across the state.

“It is particularly important that our regional businesses have support that helps expand their operations as they are some of the biggest supporters of jobs and growth in many small communities around Tasmania.

“The latest round of funding alone is expected to generate almost $2.7 million in total investment, a more than 3-to-1 return on our outlay. It is also anticipated to generate more than 33 FTE new manufacturing jobs locally.

“This means that over the life of the program our funding has generated some $12.02 million in investment overall, a return of $3.93 for every dollar we have put in.”

Manufacturing is one of the largest private sector contributors to gross state product, generating more than $2.01 billion.

The sector employs more than 18,000 people directly and it is estimated to generate a $3.2 billion in flow-on benefits, generating an additional 31,400 non-manufacturing jobs.

Advanced Manufacturing Accelerating Growth Grants program – Round 4

11 Tasmanian advanced manufacturers share in almost $1 million in funding to help grow their businesses.


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