Regional Investment Activation Fund – Stream Two

Applicants can contact the department to apply for Stream Two funding of the Regional Investment Activation Fund. There are 2 stages as part of the application process:

• Stage 1 – expression of interest (EOI) application
• Stage 2 – detailed application.

1a. Stage 1 expression of interest – pre-submission meeting 

A pre-submission meeting will be held between the applicant and the department to formally explore whether the project is likely to meet the Regional Investment Activation Fund Stream Two eligibility and assessment criteria.

The applicant will be required to demonstrate the project is time-sensitive and strategically significant for a priority industry or location to progress through the process. Other key attributes, benefits, requirements and assumptions underlying the potential project may also be discussed.

If the applicant and the project meet the eligibility criteria and the applicant chooses to proceed, an invitation and pack of supporting materials will be provided to the applicant.

Important information:

• Applicants will be provided with the invitation within 5 days of the pre-submission meeting.

1b. Stage 1 - expression of interest application

Applicants who are invited to submit an EOI application must include:

• Organisation eligibility details, primary activities of the organisation, entity type (such as company, trust, cooperative, partnership), industry sector, key competitors, ANZSIC code, ownership structure and project contact details.
• A short description of:
  • Unique attributes of the project that make it time-sensitive and demonstrate that it is strategically significant for a priority industry or location.
  • Project scope and proposed use of the grant, including the aim, objectives, deliverables/outputs, timeframes for delivery and location.
  • Proposed governance arrangements to manage the project.
  • Organisation’s experience in delivering projects similar in scope and scale to the proposed project.
  • Benefits the project is expected to provide.
  • Collaboration arrangements including identification of project partners and how resources, technology and/or infrastructure will be shared (if applicable).
  • Status of any permissions or approvals relevant to the project and pathway to achieve all relevant permissions and approvals within the proposed project timeframe. For example, development approval, landowner’s consent, other regulatory approvals such as required through the Therapeutics Goods Administration.
  • Status of appropriate IP rights for the project (if applicable).
• Project budget including the estimated total cost of the project, grant request to the NSW Government and cash co-contribution amount and source details.
• Financial statements (trading, profit and loss statements and balance sheets) for 3 continuous years starting from the latest available year or other evidence of financial viability if statements are not available. (For example a signed statement from an external accountant.)

Important information:

• Applications must meet the eligibility criteria and demonstrate compliance with the EOI assessment criteria outlined in the Stream Two Program Guidelines to be considered suitable for progression to the detailed application stage.
• Notification of the assessment outcome will be within 7 business days of the EOI application submission by inviting applicants to partake in a detailed application. 

2. Stage 2 – detailed application

The department will contact successful applicants of the EOI application process to discuss the detailed application process including confirmation of willingness to participate. 

The department will provide a link to an online detailed application form, data sheet and other templates for applicants to complete. The department will be available to support applicants with the preparation of applications and supporting documents.

The department will assess an application against the eligibility criteria outlined in the Stream Two Program Guideline, this includes:

• whether the applicant meets the eligibility criteria to apply for funding
• whether the projects meets the eligibility criteria for funding
• whether the grant amount requested is within the eligible funding range
• whether the grant will be used for capital or other eligible expenditure types, directly related to the delivery of an eligible project
• competitive impacts
• co-contributions.

Applications will be assessed against the Detailed Assessment Criteria outlined in Section 5.3 of the Stream Two Program Guidelines. Applicants should ensure they provide as much information as possible to demonstrate evidence of:

• The unique attributes of the project that make it time-sensitive and strategically significant for a priority industry or location.
• Project alignment to the objectives of Regional Investment Activation Fund and relevant NSW policies, strategies and frameworks.
• Experience in delivering projects similar in scope and scale to the project or otherwise demonstrates capability and capacity to deliver the project.
• Project readiness, including status of development applications, landowner’s consent and/or regulatory approvals where required or applicable.
• Co-contribution to the project, including from the applicant and other sources, that demonstrates to DRNSW that the applicant has sufficient funds available for the required co-contribution amount.
• Other expected benefits of the project and how they will be measured.
• Rationale for and impact of government financial support including but not limited to:
  • secure the investment if the project is contestable
  • address a funding gap
  • improve an uncommercial payback period
  • bring forward the project by a number of years
  • deliver greater scale benefits.
• Provide certainty and confidence to project lenders, equity partners and foreign investors etc.

Applications with insufficient evidence or detail will be disadvantaged in the assessment. 

We may consult subject matter experts and/or technical advisors to assist in the assessment of projects.