Geelong Region Innovation and Investment Fund

City of Greater Geelong Mayor Cr Keith Fagg has urged Geelong based businesses to apply for the first round of grants from the Geelong Region Innovation and Investment Fund.

“The fund, which was established in response to Ford Australia’s decision to cease local production, is an exceptional opportunity for local businesses seeking to expand or innovate,” said Cr Fagg.

“In total, $24.5 million will be available through the fund for projects that generate new jobs in the Geelong region.

“This is an outstanding opportunity for companies that are planning to expand or innovate and I strongly urge local firms to submit an application by the first round deadline of 26 September this year,” said Mayor Fagg.

The Geelong Region Innovation and Investment Fund comprises $15 million Australian Government funding, $4.5 million Victorian Government funding and $5 million from Ford Australia.

The fund was established in response to the announcement by Ford Australia that it would cease its Australian vehicle and engine manufacturing operations from October 2016.

“It was heartening to see the rapid response by government, industry and community leaders to assist the workers affected, and the local economy generally,” said Cr Fagg.

“On the same day that Ford made its announcement a local taskforce was formed and we began working on a solution that would deliver sustainable jobs for the region,” said the Mayor.

Applications to the Geelong Region Innovation and Investment Fund will be jointly assessed by AusIndustry and the Victorian Government Department of State Development, Business and Innovation.

Amongst the criteria applications will be assessed against are:
  • The net economic benefit to the Geelong region. 
  • The number of sustainable new jobs the project will create. 
  • The contribution of the project towards the diversification of the region’s economy.

Applications for the first round close at 5.00pm Thursday 26 September 2013 and should be made via the AusIndustry website.