In what has been heralded as an “exciting development for Western Australia’s entrepreneurial community”, the State Government has unveiled a funding initiative aimed at fortifying local small to medium-sized businesses. With over $3 million up for grabs, this money is aimed at elevating the competitiveness of local businesses in their pursuit of government and private sector contracts.
The cornerstone of the support system is the Local Capability Fund (LCF), designed to improve opportunities for local SMEs in supplying goods, services, and works to key players such as the Government and major projects. The $2.2M will be spread over four new rounds this financial year, with grants of up to $50,000 available.
The four rounds are:
- Supplying Key Projects Round: to assist WA businesses in becoming valuable suppliers to pivotal Government and private sector projects within priority sector markets.
- Aboriginal Business Round: for businesses with majority Aboriginal ownership, this round facilitates the supply of goods, services, and works to both the Government and private sector.
- National and International Standards Compliance Round: covers the costs of engaging external expertise for the implementation and third-party certification of seven specific national and international standards.
- Digital Transformation Round (Upcoming): providing initial support for eligible businesses to embrace digital technologies and data.
The Local Capability Fund has been able to assist hundreds of businesses and supplied tens of millions in funding for them. This has resulted in more than 2,000 employment opportunities and nearly 250 apprenticeships. The Cook Government encourages businesses to apply for the grant, which will help them in their bids for both Government and private sector contracts.
Stephen Dawson – Minister assisting Minister Minister for State and Industry Development, Jobs and Trade
In addition to the above, nine regional LCF rounds valued at $900,000 in total, with grants of up to $20,000, will be progressively introduced throughout 2023-24. These rounds are tailored to assist regional businesses in enhancing their service offerings.
To find out more about the LCF and to submit an application, visit Local Capability Fund website.
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