The federal government has given a $250,000 grant to the Bega Valley Innovation Hub to help regional business owners access its business acceleration program.
The program is in partnership with the University of Wollongong and the iAccelerate network, and it will support up to 20 new start-up businesses and create a number of new skilled jobs, boosting employment and economic recovery in the region.
Minister for Industry, Science and Technology Karen Andrews said the funding will further support businesses in the region in the wake of a difficult and disruptive year.
“This funding will allow more entrepreneurs to connect and collaborate with their local community and access high-quality business advice so they can get back on their feet,” Ms Andrews said.
“This support builds on other assistance we’ve provided through the Entrepreneurs’ Programme’s Strengthening Business service, which is dedicated to getting businesses affected by the bushfires back on track.”
The Bega Valley Innovation Hub is part of the Incubator Support Initiative, which has awarded $26 million in funding since its establishment in 2016.
Incubator Support Initiative grants are part of the Australian government’s Entrepreneurs’ Programme, which provides financial aid by offering ventures up to 50 per cent of a particular project and providing free expert advice.
Ventures have a limit of AU$250,000 for commercialisation offices, while other applicants have a AU$1 million cap.
The Incubator Support Initiative also assists incubators to support Australian start-ups with an international focus.
New and current incubators can apply for grants of 50 per cent of the project’s total value with a AU$500,000 cap, while entrepreneurs can apply for grants up to AU$25,000.
Eligible businesses can apply for grants under the Incubator Support Initiative here.