The South Australian government’s Small and Medium Enterprise Investment Development Program is now accepting applications from small and medium?sized companies wanting to improve their competitiveness.

Building on the services offered by the previous Small Business Development Fund, the $1 million per year fund for four years available from the South Australian Government is aimed at encouraging small and medium sized enterprises at introducing new technology, new products or to enter new markets.

Grants of between $100,000 and $200,000 are available and projects with a bias towards innovation and the introduction of new technology will be given priority.

The program is a competitive, merit-based grant that supports the acceleration of new capital investment in South Australia to assist innovation, diversification and competitiveness of growth enterprises.

Innovate SA, which is funded by the Department of Trade and Economic Development (DTED), will receive and process applications for consideration by DTED’s Assessment Review Panel.

To be eligible applicants must:
• be an SME (with turnover of less than $10 million per year)
• be directly engaged in manufacturing
• have an Australian Business Number
• be a legal entity with whom the South Australian Government can enter into a legally binding Funding Agreement
• have a demonstrated ability to fund the remaining share of the project costs and;
• be willing to formalize the arrangement in a Funding Agreement with nominated milestones.

Innovate SA is also available to provide advice during the application period to assist those intending to apply for a grant under the program.