Get ready for RED! (Regional Economic Development Grant)
It’s time to get ready for the Western Australian Regional Economic Development (RED) Grant, Round 4 which will be opening soon.
The RED grant aims to create jobs and economic growth in regional Western Australia. Last year the focus was on helping businesses and communities address the impacts of COVID-19. The maximum amount you can apply for is $250,000. However, keep in mind each region has a total funding pool of $1Million approx.
Our recommendation is don't apply for $250,000 unless you have an amazing project that can deliver outstanding returns on investment. Because there is only $1Million per region, the assessment panels like to award funding to as many worthy projects as possible. So if you ask for a lower amount, your project becomes more competitive.
RED is one of the few funding programs businesses can apply for.
Ask yourself these questions, before you start writing
What is your project about? Why should government invest in your project? Will your project deliver the outcomes government is seeking? Have you got the resources to deliver the project? What will your project deliver aside from more jobs and training opportunities? What is your project’s impact on your industry and the wider community?
Next Step ….
Start talking to the project staff at the regional development commission. They are a fantastic resource and can advise you on how to put up a competitive grant submission.
Here is a list of the regional development commissions.
Gascoyne Development Commission
Goldfields Esperance Development Commission
Great Southern Development Commission
Kimberley Development Commission
Mid West Development Commission
Pilbara Development Commission
South West Development Commission
Wheatbelt Development Commission
You must have these items to be competitive.
Up-to-date Business Plan with cash flow projections. This is imperative. Without an up-to-date business plan, it is difficult to be competitive against other applicants.
Look at it from the Government’s perspective. They are investing public funds into your project. They use your Business Plan to assess the project’s viability. So, make their job easier by providing this information.
Matching cash contribution – For example, if your total project cost is $200,000, you will be expected to contribute at least 50% cash, so $100,000. You can provide in-kind contribution, but this is in addition to the matching cash component.
Quotes – No need to get quotes immediately but start talking to your suppliers. We recommend getting quotes for item over $500.
Key Stakeholder – Keep your stakeholders updated and let them know your intention to apply for the RED grant.
If you need help with your RED funding submission, please contact us.
For more information on applying for a Regional Economics Development Grant click here REDS grant.
