Regional Economic Development (RED) Grant Western Australia

Unlock Your Regional Western Australian Business Potential with the RED Grant!

Get ready to take your business to the next level with the highly anticipated RED Grant 2024 - Round 7 which will be opening soon!   This competitive grant program is specifically designed to stimulate economic growth and job creation in regional WA.

Preparing a grant submission particularly for the highly competitive RED grant requires significant time and effort. As such, don’t apply if you are not ready!   It is better to wait until you have all your ducks lined up.

If you decide to write-up the grant submission yourself, I recommend allocating at least 3 weeks.

Why Apply for the RED Grant?

• Scale-up Your Business: The RED Grant offers significant funding to help you expand your regional business. While previous rounds offered up to $250,000 per project, please check with your Regional Development Commission (RDC) for the most up-to-date application details and funding amounts for 2024.

• Stand Out from the Crowd: This regional grant is a fantastic opportunity to showcase your business and how it will create new jobs and contribute to the economic prosperity of your region.

• Become Part of Something Bigger: This regional economic development grant isn't just about funding; it's about joining a community of passionate people driving positive change across regional WA.

Not-for-Profits Welcome!

Regional Not-for-Profit organisations can also apply. Your project's potential to create a positive social impact and contribute to regional economic development will be a key consideration.

NB: Please check with your local RDC about the matching cash contribution requirement.

Eligibility Criteria:

• The focus of the REDS grant is to stimulate regional economic development by creating new jobs and training opportunities in regional Western Australia.

• You must be an established business in your region.

Getting Started:

1.    Read the funding Guidelines and determine if you are eligible to apply for the grant

2.    Have a look at the list of previously funded projects to get a feel for the types of projects and amounts awarded

3.    It is critical that you reach out to your nearest Regional Development Commission (RDC) and speak to them about your project.  Make sure you do this!  Aside from RDC wanting to know types of projects that might apply for REDS, the staff are a wealth of knowledge and can provide advice on how to make your submission more competitive. If you live in the Mid West region, contact the Mid West Development Commission about the RED Grant Mid West. If you live in the Goldfields region, talk to the Goldfields Esperance Development Commission about the RED Grant Goldfields Esperance, and so. Here is a list of the regional development commissions for you to contact.

Gascoyne Development Commission

Goldfields Esperance Development Commission

Great Southern Development Commission

Kimberley Development Commission

Mid West Development Commission

Peel Development Commission

Pilbara Development Commission

South West Development Commission

Wheatbelt Development Commission

4.    Current Business Plan – make sure it is detailed and has cash flow projections

5.    Project Plan (how will you roll out your project including Gantt Chart)

6.    You must provide matching cash contribution, so determine how you will fund this

7.    Letter from your Accountant and your business financials for the last 2 years (this is to verify the financial viability of the business)

8.    Secure the necessary approvals / licences for the project

9.    Gather Letters of Support from your key stakeholders stating their endorsement of your project and the flow-on benefits to their organisation.  If they are providing a cash contribution this must be highlighted in the Letter of Support

10.  Regional Content is crucial – where possible source your supplies locally and use local businesses including Aboriginal businesses to help deliver your project

11.  Gather 2 written quotes for each budget item to demonstrate cost effectiveness.

How much do I ask for?

Pro-tip: I recommend not asking for the highest amount, instead be modest. This is because the assessment panel wants to share the limited funding pool with as many worthy projects as possible.

Stage 1 – Preparation

In-depth research - This is critical for building the foundation of your grant submission.

RED’s won’t fund business as usual items. This means your project needs to deliver innovation, increase regional employment and social outcomes. So, not only must your project deliver your business outcomes, it must also deliver government and industry outcomes! 

Step 1 – To increases the competitiveness of your grant submission, align your project with  government strategy /policies to highlight that your project fits within government priorities.

• Government Policies - Your project must align with relevant State and Federal Government policy documents.  If you are in the Mid West, have a look at the strategy documents on the Mid West Development Commission website.

• Local Government Policies – Every Western Australian local government has a current Strategic Community Plan – found on their website. Have a look at this to determine if you can align your project with the Strategic Community Plan. Here’s the City of Greater Geraldton’s Strategic Community Plan.

Step 2 - Market Research

Use market research tools such as:

• IBIS World Industry Reports – provide a comparison of the international vs domestic markets; what is happening in Australia; market size, value of the market, trends, forecast growth.

• ABARES (Australian Bureau of Agricultural and Resources Economics and Science)

• Tourism Research Australia publishes many in-depth market research reports for domestic and international maket segments

• Regional Australia Institute publishes many research papers about regional Australia

• Tourism Western Australia also publishes numerous market research reports.

• Other agencies that might have market research information include the Chamber of Commerce and Industry; Local Governments, your industry body, regional development commissions, Western Australian Department of Training and Workforce Development, Regional Newspapers.    

Step 3 - Use Statistics

Use Australian Bureau of Statistics data including Socio-Economic Indexes for Areas (SEIFA Scores) to help  demonstrate the need for your project. This information is freely available on your Regional Development Commission(RDC) Website under the Economy tab. The RDC websites have in-depth economic data from REMPLAN that includes gross regional product, employment, industries, population and forecasts. Many of the larger Local Goverments also provide economic data on their website under the Economy tab. Here is the City of Greater Geraldton’s economic data.

Step 4 - Economic Impact Assessment

Make your grant application stand out from the pack by including the economic impact of your project using tools such as REMPLAN or Economy.ID.

Stage 2  - Writing the Grant Submission

• Answer the Question!

• Use plain English

• Keep sentences short

• Write clearly and comply with the word limit

Stage 3 – Critical Peer Review

• Get someone else to review your work to check for information gaps, grammar and spelling errors

• Make sure you comply with the word limit and file size limit

• Upload your completed grant submission 1-2 days prior to the closing date.

Summary:

By following these steps, you will be well on your way to submit a competitive and impactful REDS grant proposal.

 Good luck!