The Federal Government has announced the Illawarra Region Innovation and Investment Fund has opened, with funds being made available to local businesses.

 

The fund will support businesses with innovative projects in and around the Wollongong area by providing financial assistance to help bolster the local economy and create high-skill high-wage job opportunities.

 

The $30 million fund is a jointly funded program, with the Federal Government providing $20 million, the NSW Government providing $5 million and BlueScope Steel providing $5 million over the next three years.

 

The fund will be matched by a $30 million investment by the private sector.

 

The Illawarra fund forms part of the Federal Government’s Innovation and Investment Fund, which will favour projects with long-term growth potential.

 

The minimum grant under the Fund is $50,000, matched dollar-for-dollar by the successful applicant. There is no maximum funding limit.

 

Funds will be available for applications received through up to three rounds. The first round opens on 18 October 2011 and closes on 16 December 2011.

 

Further information is available from the AusIndustry hotline on 13 28 46, by emailingThis email address is being protected from spambots. You need JavaScript enabled to view it. and from the Illawarra Region Innovation and Investment Fund page atwww.ausindustry.gov.au.

 

Information is available from AusIndustry's Illawarra and South Coast regional manager, Peter Masterson, who is based in Wollongong and can be contacted on 02 4254 5534 or 0451 632 141 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.