Investment Fast-Track Fund

The objective of the Investment Fast-Track Fund program is to accelerate and expand investment in projects of importance for rural and regional communities. This will boost employment, improve liveability, and drive economic growth and prosperity.

The anticipated outcomes are:

• improvement in business case, risk assessment and project planning
• improved investment pipeline of growth projects
• increased private sector investment in priority areas.
• an evidence-base to identify strategic opportunities in each region
• reduced funding risks for future strategic implementation projects.

Activities funded through the Investment Fast-Track Fund enable growth projects that support the implementation of the Regional Economic Development Strategies (REDS) and the longer-term transformational outcomes of:

• an enhanced visitor economy (e.g., cultural, food, natural assets)
• improved infrastructure for growth sectors (e.g., health, energy, education)
• increased liveability to support population growth and/or retention
• more resilience to pandemics, economic transition, and natural disasters.

Funded activity should align with the relevant Regional Economic Development Strategy.

The Investment Fast-Track Fund is being delivered as a contestable fund, where projects are assessed and then scored against a merit criterion to identify the most suitable projects.

Funding available is capped at $500,000 excluding GST per project, with the funding capped at a ratio of $4 to $1 of program funding against the cash contribution from the applicant.

Project funding and co-contributions

To receive funding, a cash co-contribution from applicants of 25 per cent of the requested grant amount is required.

The broader project may have funding from other Victorian Government programs but the co-contribution amount to meet the required funding ratio must be derived from non-Victorian Government sources.

In-kind contributions

Applicant entities eligible to claim in-kind contributions are:

• small Rural Councils
• Alpine Resorts
• community groups
• social enterprises.

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

Who can apply

Applicants must have an Australian Business Number (ABN).

Applications will be considered from the following legal entities:

• Local Government Authorities
• Alpine Resorts Management Boards
• private sector businesses
• Aboriginal organisations
• business and industry groups including:
  • chambers of commerce and business associations
  • industry peak bodies
  • business and industry clusters and networks
• incorporated not-for-profit organisations, including community groups that are a:
  • cooperative or association
  • social enterprise organisation
• utility and services providers and water corporations
• TAFE institutions and universities
• public/private partnerships, through an incorporated entity
• other organisations agreed by Regional Development Victoria at its discretion.

What will be funded

The IFF funds planning and development activity that fast tracks projects of strategic importance for rural and regional areas. To be funded, the project proposal — supported by the pre-implementation activity — must align with the objectives and outcomes of the IFF under RJIF.

IFF funded activity: The pre-implementation activity required to support the development of the proposed project and/or to attract project investment.

Project proposal: The regional development project that the funded activity will support and assist in fast tracking its development.

Funded activities should support project proposals that are enabling and transformative infrastructure projects:

• that are strategic and align with the relevant Regional Economic Development Strategy and RJIF objectives, and where appropriate other current and relevant government (local, state or federal) economic plans and strategies
• that respond to and address opportunities and challenges relevant to an identified region or place
• make a clear case for the impact of the project and its identified economic and community benefits at the local and regional level, or for the State or local industry
• with initial project planning and that show some indication of demand for the project, and that the proposal is sustainable over the longer-term (including supporting evidence and data)
• that show evidence of appropriate consultation and initial stakeholder support, whether that be community, local government, or industry
• that have a clear timeline for project development.

Refer to the table lower down the page for a list of previously funded projects.

Eligible activities

Planning and development activities that may include:

• statutory and environmental planning processes and approvals
• business cases
• feasibility studies or master plans to investigate the technical and/or economic viability of a project, with the ability to progress to a business case within a 6-month period. (Note: these projects can be staged, for example feasibility studies that achieve their desired threshold to proceed can move directly into a business case)
• economic development and industry investment strategies that will support longer term regional development and investment opportunities
• structural cultural assessments
• heritage assessments criteria
• geotechnical investigations
• design activities, at a minimum delivering to schematic/pre-construction level
• early works packages to help de-risk a project (e.g., service relocations) adjustment strategies for regionally significant industry sectors.

Application eligibility

Projects delivered within the following locations can apply for funding, in accordance with relevant program eligibility criteria.

Applicants should familiarise themselves with the Program Guidelines to confirm eligibility. A list of frequently asked questions have also been developed to assist with your application.

Applications should clearly describe the activity and proposed project and address the assessment criteria in the Program Guidelines.

Eligible applications will be assessed against response to the assessment criteria as well as supporting documents.

Applications for 2022-23 funding closed 11.59pm 17 August 2022.

Learn more about our newly announced Regional Infrastructure Fund and Investment Fast-Track Fund projects.