Economic Recovery Fund opens for Regional Tourism Infrastructure Development
South Australia’s regional tourism operators can now apply for the first round of the Economic Recovery Fund (ERF), which will provide $20 million to support Manufacturing Innovation and Regional Tourism Infrastructure Development.
The first round will be available to co-invest with successful businesses and organisations in the form of grants or concessional loans.
Successful businesses will need to demonstrate the project will have a wider economic benefit, such as creating ongoing jobs, upskilling an existing workforce, improved productivity, access to new markets or the introduction of new products, services and technologies.
The Regional Tourism funding stream is dedicated to eligible infrastructure projects, examples include:
- New accommodation or expansion builds;
- Infrastructure to enhance visitor engagement, including cellar doors; and
- Infrastructure required to develop a new tour offering utilising existing products and experiences.
Grants are available from $150,000 up to $1 million, or loans from $1 million to $5 million. Both grants and loans are limited to up to 30 per cent of the overall project cost.
Applications for the first round close on 15 December 2023.
Tourism is a key growth sector in South Australia, which currently worth a record $9.9 billion to the state and employs around 40,000 South Australians.
The ERF is in addition to the government’s Major Events Fund and Tourism Industry Development Fund, and major drawcards such as LIV Golf Adelaide and AFL Gather Round.
This is the first of several targeted rounds specifically calibrated to assist business and industry grow jobs, improve productivity and introduce innovative technologies, products or services in South Australia.
The $122 million ERF was established in the 2022-23 Budget and is being deployed now to support businesses growth as national and global economic conditions soften.
Further information on the ERF, including guidelines for Round 1, can be found at the Department of Treasury and Finance website.
Treasurer, Stephen Mullighan said the Economic Recovery Fund will help local businesses and organisations to grow, diversify and transform.
"It means more jobs and a stronger economy," Mr Mullighan said.
"With national and international challenges upon us, now is the time to support our own.
"An advanced manufacturing sector is vital for a smart, sustainable, and inclusive future, while investing in our regions will only strengthen our visitor economy."