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Investment Fast-Track Fund

The Investment Fast-Track Fund will support regional and rural projects to strengthen their investment evidence base by funding activities that support planning and preparation, thereby fast-track projects to investment ready stage.

Overview

Farmers Market in Koonwarra

Part of the Regional Jobs and Infrastructure Fund, the Investment Fast-Track Fund (IFF) will focus on funding activities that will mobilise strategic investment projects through fast-track of business case development and planning for medium to longer term projects in regions, and increase the pipeline of investment ready projects, with a focus on leveraging private investment, boosting employment and improving the liveability of rural and regional Victoria.

Previously referred to as the Accelerating Readiness Fund, the IFF provides Victorian Government financial assistance for activities that will fast-track achievement of an evidence base for their project in order to support and confirm investment readiness.

Funded activities will be considered on the basis of the resultant project’s strategic importance for rural and regional communities including driving economic growth and prosperity for Victoria.

The Investment Fast-Track Fund is now closed for applications.

Objectives of Program

The objectives of the fund are to fund activities that will:

  • ensure that high quality prospective projects that will be effective at driving regional recovery and economic diversification, are supported to a position of investment readiness and implementation
  • support acceleration and development of business cases and planning for projects of strategic importance to develop a robust pipeline of investment-ready opportunities over the medium term
  • progress development work on medium-longer term transformational projects that will fundamentally underpin long-term recovery and resilience
  • support Aboriginal businesses to establish, grow and meet Aboriginal Victorians’ needs, priorities, and aspirations.

Funding Details

The IFF is a Contestable fund with applications received throughout the 2020-21 and 2021-22  financial years, or unless the funds are exhausted prior.

The Investment Fast-Track Fund is now closed for applications.

Funding ratios

The funding ratio for the IFF contribution is capped at RDV $4 : $1 Other.

Funding available is capped at $500,000 per activity, however applications will be accepted for larger funding requests and will be considered on a case-by-case basis taking into account the level of strategic importance of the resultant project for rural and regional communities in driving economic growth and prosperity.

Applications that have high applicant contributions would be considered more favourably.

While joint investment with other Victorian Government program funding is encouraged, co-contributions from other sources to meet the required funding ratio must be derived from non-Victorian Government sources.

In determining the RDV funding level, the total Victorian Government contribution will be taken into consideration.

In-kind contributions

Small rural councils and alpine resorts are the only Local Government Authority entities that are eligible to claim in-kind contributions to the activity.

Community groups and social enterprises are also eligible to claim in-kind contributions.

The in-kind contribution will be capped at 25 per cent of the applicant’s contribution.

Assessment of financial and other risks

Applications to the IFF must include information to enable regional Development Victoria to assess financial and other non-financial risks associated with the proposal as part of its due diligence. This includes consideration of elements that may pose a reputational risk to the State, such as:

  • whether the applicant has already received grants from the Victorian Government.
  • whether the applicant has failed to meet key contractual obligations for previous grant agreements with the State. Note: delays due to coronavirus (COVID-19) restrictions and responses may be taken into consideration at the Department’s discretion.
  • where the proposal has already been fully funded by the applicant through other means (e.g. capital raising on the Australian Stock Exchange).
  • where due diligence (probity checks) uncovers adverse findings.

Download Resources

Resource Download
Investment Fast-Track Fund Application Guidelines (322.2 KB ) Download
Investment Fast-Track Fund Application Guidelines (394.2 KB ) Download

Projects funded by this program

Project Name Region Year Amount Funded
Murrindindi Shire Council: Skyline Road Tourism Precinct Catalyst Project Mallee 2022 $500,000
Mount Hotham Alpine Resort Management Board: Mt Hotham Business, Visitor and Community Centre Design Ovens Murray 2022 $480,000
Mansfield Shire Council: Lakins Road Industrial Precinct Master Plan Ovens Murray 2022 $200,000
Macedon Ranges Shire Council: Lake Hume Masterplan Ovens Murray 2022 $120,000
Ballarat and Traralgon UniTown Delivery Project Central Highlands 2022 $500,000
Ararat Rural City Council: The Aradale Solution - Economic and Social Development Strategy Central Highlands 2022 $500,000
Buda Historic Home and Garden: Business Case and Design Project Loddon Campaspe 2022 CiC
Colac Otway Shire: Colac - Deans Creek Growth Corridor Outline Development Plan Barwon 2022 $425,000
Greater Bendigo City Council: Bendigo Art Gallery Planning Project Mallee 2022 $280,000
Health Futures Australia Ltd: Sustainable Healthy Integrated Food Towns Hepburn Business and Investment Plan 2022-2025 Central Highlands 2022 CiC
Indigo Shire Council: Chiltern Destination Playground Ovens Murray 2022 $100,000
Murray River Paddlesteamers: Australian Star Project Planning Ovens Murray 2022 CiC
Warrnambool City Council: Business Case for the Redevelopment of Warrnambool Art Gallery Great South Coast 2022 $112,500
The Peaks Eco Retreat Pty Ltd: Grampians Off Grid Eco Retreat Central Highlands 2022 CiC
Indigo Shire Council: Indigo Caravan Park Master planning Ovens Murray 2022 $50,000
Mallee District Aboriginal Services - MDAS: Kerang Aboriginal H&WC - Planning Project Mallee 2022 CiC
Gannawarra Shire Council: Koondrook to Kerang Rail Trail Mallee 2022 $500,000
Wodonga Institute of Tafe: Logical Innovations - Wodonga TAFE Ovens Murray 2022 $450,000
Mildura Rural City Council: Mildura CBD Revitalisation Mallee 2022 $200,000
Moorabool Shire Council: Parwan Employment Precinct Power and Water Central Highlands 2022 $200,000
Indigo Shire Council: Rutherglen Silo Precinct Project Ovens Murray 2022 $100,000
The Sovereign Hill Museums Association: Sovereign Hill Master Plan - Museum of Makers and Orientation Precinct Central Highlands 2022 CiC
Wellington Shire Council: Wellington Renewable Energy Impact and Readiness Study Gippsland 2022 $150,000
Macedon Ranges Shire: Woodend Community Centre Redevelopment – Concept, Schematic & Detailed Design Loddon Campaspe 2022 $260,000
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