The NSW Government are funding new innovative forestry projects aimed at improving profitability, opening up new local and international markets, and preparing for future opportunities. Minister for Lands and Forestry Paul Toole said applications would soon open for the first round of the AU$34 million Forest Industries Innovation Fund.
“As part of the 2018-19 Budget, I announced an AU$71.8 million forestry package across four years, aimed at supporting the industry and keeping jobs in our regions,” Mr Toole said. “The Innovation Fund will provide loans of up to AU$3 million for a range of projects such as timber mill infrastructure upgrades, development of new products, or initiatives that open new markets.
“We want to see industry take control of their future and develop new programs that support their local businesses. “The AU$2.4 billion NSW forest and wood product industry is an economic driver for the regions and I am pleased to be delivering this support for jobs.”
Applications will be open for six weeks from 1 October, with successful projects able to access concessional loans of 2.5 per cent for up to 20 years. The Forest Industries Innovation Fund supports the objectives of the NSW Forestry Industry Roadmap and will be administered by the Rural Assistance Authority.
Eligibility guidelines, application form and other information will be available on the RAA website ( www.raa.nsw.gov.au) from 1 October.