NSW Seafood Innovation Fund Loan Scheme

NSW Seafood Innovation Fund Loan Scheme

  • Applications Open: This program is open on an ongoing basis, subject to availability of funds.
  • Grants: up to $500,000

The Seafood Innovation Fund Loan Scheme provides commercial fishers and aquaculture farmers with low-interest rate loans to improve their business in NSW.

Key Requirements

The eligible applicants must submit the following documents:

  • Copy of Business and Risk Assessment Plan
  • Monthly Cash Flow Budget for the next 12 months
  • Signed Mortgage Lenders Consent Form from your existing mortgage.
  • Last 3 years individual Taxation Returns and a current listing of all Assets & Liabilities held by each: Individual members of a Partnership/ Family Trust and Individual Director(s)/Shareholder(s) of all Companies
  • Last 3 years balance sheets and Financial Statements of your farm enterprise. (These include Profit and Loss Statements, Stock Trading account and Depreciation schedules)
  • Trust Deed (if applicable)
  • Copy of current LGA (council) rates and LLS rates notice(s) for property(s) where the work is to be completed, if applicable.

What is eligible for funding?

The eligible activities must address the following key areas of investment:
  • Environment: Secure that equipment that is used has a minimal impact on the environment, through the establishment and use of environmentally sustainable fishing and farming infrastructure, methodologies and equipment to minimise impact on the environment.
  • Preparedness: Flexibility to changing seasonal conditionals or climatic events of floods or droughts, to have programs or equipment to reduce risk to business/enterprises.
  • New products/markets: Supporting projects or activities that assist in the development of new products and opening up new market opportunities.
  • Fishing and aquaculture farming equipment and assets: An expanded focus on replacement of unsafe or inefficient assets, to ensure that equipment will provide the most efficient outcome to their business and to meet business best practice, legal requirements, and safety and environmental standards.
  • Transport and logistics: Ensuring that product reaches markets in optimum condition through holding tanks and refrigeration units, new transport systems, and new market software.

What companies are eligible for funding?

To be eligible for assistance you must demonstrate that:

  • You are a NSW
    • Registered fish receiver.
    • Commercial fishing business owner or fishing licence holder, or
    • Aquaculture permit holder
  • Provide a business plan detailing:
    • Business Assessment
    • Risk Analysis
    • Background Information
    • Financial Performance
    •  Current Seasonal Outlook and Prospects
    •  Future Strategy
  • You earn the majority of your gross income (at least 51%) from the seafood business/enterprise.
  • Your business operates as a sole trader, partnership, trust or private company and trades NSW seafood products; and
  • Gross non business assets do not exceed $5,000,000.
  • You are classified as a “new entrant”, meaning that you have been operating your seafood business for between 12 months to three years and more than 50% of your gross income will be derived from the business within three years of the date of the application. The applications of new entrants will be considered on a case by case basis.
  • Your business is registered with the Australian Taxation Office, and have an Australian Business Number (ABN). If the business has applied to the Australian Taxation Office, but not yet received the ABN, then they may be considered eligible.
  • The seafood business/enterprise has long-term viability and the capacity to repay the loan sought.
  •  The project was not commenced prior to the application being submitted.

Is this grant competitive or entitlement based?

Competitive. Your application will be assessed among other applications by a judging panel.

How can I increase my chances of winning this grant?

By engaging an accredited government grants consultant, such as Avant Group.

Competitive grants often require significant business case development and project analysis to support the application, this may include detailed presentations supporting the project’s merit, projected sales, cost-benefit analysis and more.

As part of your engagement with Avant Group, your account manager will assess the required documents and will provide the following as needed to support your grant submission.

Grant application writeup including a detailed presentation illustrating how the grant funding will contribute to your project, how the funding will contribute to the project’s budget, a project milestone plan, delivery timeline, impact on employment if applicable and a breakdown of the management and leadership team for the project

  • Industry analysis presentation
  • Competitor Analysis Presentation
  • Marketing and Sales Analysis Presentation
  • 3-5 year Cashflow Forecast
  • 3-5 year Balance Sheet Forecast
  • Cost-Benefit Analysis of Grant Funding
  • End-to-end grant application including information collating, analysis and application writing
  • CAPEX (Capital Expenditure) cost-benefit analysis
  • Stakeholder relations and Risk Mitigation Plans
  • Any other relevant forecasting that will support your application

How can I get help with my application? Or know if I’m likely to win funding?

Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful grant application.