Government grants are often overlooked by small business operators yet, as a Victorian automotive supply chain company has found, they can deliver substantial capital to fund business growth.
Croydon South-based Total Tooling Co this month received a grant for $816,000 to increase its capability to grow the aftermarket supply chain for high-performance vehicles.
The grant formed part of the federal government’s $155 million Automotive Diversification Programme growth fund.
Total Tooling Co, a pressed metal manufacturer, is one of a number of Australian firms looking to move outside of domestic car manufacturing as local car manufacturing looks set to wind up next year.
“Total Tooling Co is a local company bucking manufacturing trends by leveraging off its 33 years of automotive expertise to develop new capabilities, continuing growing and diversifying into export markets,” said Christopher Pyne, the federal Industry, Innovation and Science minister, in announcing the grant.
“As one of the country’s largest suppliers of complex tooling, machined components and pressed parts for the Australian automotive industry, the company has been proactive about looking for new markets, which has resulted in securing new customers in the automotive ‘aftermarket’ supply chain.”
The grant will be used by the company to support its planned $2.4 million expansion to produce a range of engine components for export to the US, including an immediate opportunity to produce supercharger components.