The Tasmanian Innovation and Investment Fund (TIIF) is a merit-based grants program announced by the Prime Minister on 3rd of October 2011 in recognition of the broad impacts of the restructuring of the forestry sector across Tasmania.
This initiative forms part of the Australian Government’s broader response to regional employment challenges.
TIIF will provide support for new investment that creates sustainable job opportunities in Tasmania. The TIIF’s purpose is to support innovative job creation projects that strengthen Tasmania’s regional economy and employment base, particularly in areas affected by the restructuring of the forestry sector.
TIIF will encourage applications for projects that generate high quality, skilled jobs.
TIIF will provide up to $8 million in grant funding during the 2011-12, 2012-13 and 2013-14 financial years. There is a minimum grant amount of $50,000 for all proposals.
What projects are eligible?
The Fund will support innovative projects that strengthen Tasmania’s economic and employment base. Eligible projects will involve activities that generate new investment and create sustainable job opportunities in Tasmania.
For the purposes of TIIF, ‘Tasmania’ is defined as the whole of Tasmania.
Applicants must be able to demonstrate that they have committed funding to the project, exclusive of in-kind contributions and free of other government funding, and which is at least equal to the amount of grant funding sought. Grant funding will not be provided for retrospective activities. Joint applications are acceptable, provided they have a principal applicant who is both the primary project proponent and an eligible applicant.
Project funding must be expended by 30 June 2014 when TIIF closes. Where projects continue after 30 June 2014, the applicant must demonstrate that the final stages can be carried out without any further grant funding.
Who can apply?
Applicants must be incorporated and trading or financial activities must be a substantial part of the activities of the corporation. All applicants are required to have an Australian Business Number and be registered for the GST.
The following are not eligible to apply:
- Individuals;
- Commonwealth, State and Local Government agencies and bodies (including government business enterprises); or
- Entities that do not comply with State or Commonwealth law, such as Equal Opportunity for Women in the Workplace Act 1999.
How do I apply for the program?
Applications have now closed.
How will an application be assessed?
AusIndustry will evaluate each application in terms of its eligibility. If eligible, AusIndustry will then assess the application and determine the strengths and weaknesses against the three assessment criteria as follows:
- The level of net economic benefit the proposed project will bring to Tasmania, including:
- the number of sustainable, new jobs generated through the project; and
- the contribution of the project towards the diversification of the region’s economy
- The demonstrated capacity of the applicant to successfully undertake the project outlining the skills, experience and resources to which it will have access;
- The demonstrated capacity of the applicant to provide matching funding for the project.
AusIndustry’s assessments of eligible applications will be provided to the TIIF Assessment Panel which will provide recommendations of applications to be supported under the program. The TIIF Assessment Panel will comprise a representative from the Australian Government and two other representatives, at least one of which must be an independent member of the Tasmanian business community. Funding will be approved by the Minister of Innovation, Industry, Science and Research or his delegate.
What will a customer be asked to do if successful?
Successful customers will need to sign a Funding Agreement in order to receive grant funding. The compliance and reporting requirements for customers will be set out in that agreement.
Further information
For further information on the program, contact the AusIndustry hotline on 13 28 46 or email hotline@ausindustry.gov.au. Alternatively, see the AusIndustry website.
Note: There may be links contained within this document which will transfer you from the AusIndustry website. AusIndustry does not have responsibility for these external websites nor does linking constitute any form of endorsement.
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