Portland Diversification Fund
The Portland Diversification Fund is a $7.5 million program which is part of the Portland Economic Diversification Plan to catalyse ongoing initiatives in the Glenelg Shire in order to maximise the benefits of economic diversification.
The Portland Diversification Fund looks to leverage existing and emerging opportunities to maximise the benefits of economic diversification, growth, and resilience in the Portland/Glenelg Shire economy.
This initiative will be delivered in collaboration with the local government, local industry, business, and the community; and has the following strategic objectives:
- Improved economic resilience of the Glenelg Shire;
- Reduced impediments to economic diversification in the Glenelg Shire;
- Increased diversity of employment opportunities in the Glenelg Shire;
- Increased business investment confidence in the Glenelg Shire; and
- Drive long-term economic growth in the Glenelg Shire through support of key economic development projects and the delivery of community-led responses to social and economic challenges.
Objectives of Program
The Portland Diversification Fund provides Victorian Government financial assistance primarily to businesses seeking to develop and/or expand operations that diversify existing supply chains in Portland and the Glenelg Shire.
The aim of the Portland Diversification Fund is to facilitate diversification of the economic base of the Glenelg Shire by attracting new investment and supporting businesses to diversify and improve their productivity and competitiveness.
The fund could be used to undertake feasibility studies and business cases to bring forward capital projects in order to facilitate access to capital works funding through alternative avenues.
The Portland Diversification Fund is a contestable fund with applications open until 2025, unless the funds are exhausted prior. Funded activities must be completed by 30 June 2025.
Eligible activities include:
- Strategic planning focusing on economic diversification of the Glenelg Shire.
- Investigations into potential barriers to, or opportunities for, economic diversification in the Glenelg Shire (including, but not limited to, business cases and feasibility studies).
- Implementation activities targeted at removing barriers to, or capitalising on opportunities for, economic diversification in the Glenelg Shire (including, but not limited to, program or service delivery, or infrastructure works).
- Investment in existing businesses that will expand operations to support growth and create diversity in new jobs.
- Targeted investment assistance and incentives for businesses to move to or expand into the Glenelg Shire involving new capital investment and job creation.
- Investing in workforce skills and development to support economic diversification in business or industry, including addressing housing supply for workers that support economic diversification, existing business or industry.
Familiarise yourself with the Portland Diversification Fund guidelines
Check you can demonstrate the project’s ability to address each of the core Portland Diversification Fund criteria
Contact the Portland RDV office to discuss your application