Grants up to $20 million for co-investment in projects that deliver significant economic, social and environmental benefits for priority industries or locations in regional NSW.
Current status of program
CLOSED
To register your interest in future rounds or discuss alternative grant opportunities please contact us here.
On this page you will find
What is the Regional Investment Activation Fund (RIAF)
The Regional Investment Activation Fund (RIAF) aims to attract private investment that helps unlock the economic potential of key industries and locations in regional NSW. The fund co-invests with eligible organisations in transformative projects that create sustainable employment opportunities and drive increased productivity, innovation and competitiveness of businesses.
The RIAF has two targeted grant streams:
Stream 1
An open, competitive grants program for future-focused collaborative projects that will activate priority precincts and grow engine or emerging industries and capabilities
Stream 2
An open, non-competitive grants program with the flexibility to quickly identify and fund unique, time-sensitive projects that are strategically significant
Both streams have a two-stage application process requiring an Expression of Interest (EOI) and a detailed application (if the EOI is successful).
Stream 2 applications will have a pre-submission meeting with the Department of Regional NSW to discuss the readiness of their project prior to EOI submission.
RIAF Grants level of support
Grant
- Stream 1 – $2 million to $20 million
- Stream 2 – $1 million to $10 million
- Up to 50% of total eligible project expenditure
Co-contribution
- Minimum 50% of total eligible project expenditure
RIAF important dates
- This program is currently closed
- Register your interest here with GrantHelper
RIAF important details that you will need to know
RIAF objectives
The RIAF is a key component of the $145 million Regional Investment Activation Program that aims to make regional NSW the location of choice for investors and to activate the economic potential of priority precincts and key industries, in alignment with the 20-Year Economic Vision for Regional NSW Refresh.
The objectives of the RAIF are to:
- support the growth of existing industries and the establishment of new/emerging industries where regional NSW has a strong actual or potential competitive advantage
- activate the economic potential of Special Activation Precincts, Regional Job Precincts, Renewable Energy Zones, hydrogen hubs and other priority locations through increased private sector investment
- create new high quality employment opportunities
- support the shift towards higher-value-added activities and participation in global value chains and supply chains
- promote collaboration between businesses, education and research institutions and other parties through sharing of knowledge, resources and infrastructure
Organisations eligible for RIAF support
Applicants for both grant streams must:
- have an ABN
- be one of the following:
- a company incorporated in Australia
- a company limited by guarantee
- an incorporated trustee on behalf of a trust
- an incorporated association or co-operative
- an Aboriginal and/or Torres Strait Islander Corporation registered under the Corporations (Aboriginal and /or Torres Strait Islander) Act 2006
- be registered for GST
- be financially viable and able to demonstrate that they are likely to remain so over the duration of the project
- have at least $20 million public liability insurance or be able to secure before entering into a Funding Deed if successful
Joint applications are strongly encouraged for Stream 1 and are eligible under Stream 2, provided the lead applicant is eligible. Applicants for both streams can be based internationally, interstate or in metropolitan or regional NSW if they meet the eligibility requirements.
Organisations can submit more than one application for separate projects.
Ineligible applicants include:
- Australian or NSW Government agencies, State Owned Corporations or statutory authorities
- Local Government Authorities or their Section 355 Committees
- unincorporated associations
- an individual (including sole traders)
- partnerships
- businesses that are insolvent
- businesses that have already received funding for the proposed project
See the guidelines for each stream for full details of eligible and ineligible organisations.
Projects eligible for RIAF support
To be eligible your project must:
- be located in one of the 93 regional NSW local government areas, the Unincorporated Far West or Lord Howe Island
- demonstrate the project would not occur in regional NSW at all, or in the same timeframe, without government investment support
- be delivered by 30 May 2025
- deliver significant economic, social and/or environmental benefits for an industry or region
- deliver economic benefits to multiple organisations or businesses
- provide proof of $20M of public liability insurance at time of contracting
- secure approvals to meet project timeframes
- confirm secured cash co-contribution
Stream 2 projects must also:
- support sustainable employment opportunities and drive increased productivity, innovation and competitiveness of businesses in regional NSW priority industries and/or in a location of strategic importance
- not be suitable for financial support under other Australian and/or NSW Government funding programs, or require a NSW Government funding co-contribution to support an application to another government or industry program
Ineligible projects include:
- projects funding the day-to-day operations of business or focusing primarily on marketing and promotion
- projects that would proceed and be delivered on the same timeline without government investment support
- projects that will have significant negative competitive impacts on other NSW businesses legitimately competing in the same market and/or competing for resources in the NSW supply chains
- projects that have already received NSW Government or other funding for the same outputs and outcomes
See the guidelines for each stream for full details of eligible and ineligible projects.
Costs eligible for RIAF support
Eligible costs include:
- purchase of land (if necessary for the project and suitable alternatives to rent do not exist)
- purchasing, constructing, installing and/or commissioning new plant, equipment and/or machinery
- purchasing, constructing, establishing and/or fitting out new facilities, buildings or hubs
- purchasing technology and/or intellectual property (IP) required to undertake the project
- upgrading existing facilities, buildings, plant, equipment, machinery and/or technology required to deliver the project
- cost of contractors to construct new buildings and facilities
- external project management and administration costs up to 10% of project cost
- contingency costs up to 25% of project cost
- eligible costs incurred once both parties have signed a Funding Deed
Eligible Stream 1 costs also includes:
- costs relating to activities that directly contribute to, or enable knowledge sharing (i.e., reports, database development)
Ineligible costs include:
- in-kind contributions
- repayment of existing debts or budget deficits
- administrative, operational and maintenance costs not related to the project
- ongoing staff wages and salaries
- ongoing rental expenses or non-fixed equipment, unless they form a small part of a
- costs that have been incurred prior to the commencement of the Funding Deed
- costs incurred in the preparation of a grant application or related documentation
- costs relating solely to marketing, advertising or product promotion, including education and information campaigns
See the guidelines for each stream for full details of eligible and ineligible costs.
Information to prepare for the RIAF application
Stage 1 – EOI
- organisation eligibility details, primary activities of the organisation, industry sector, key competitors, ANZSIC code, ownership structure and project contact details
- a short description of:
- unique attributes of the project that makes it time-sensitive and strategically significant (Stream 2 only)
- project scope and proposed use of the grant
- proposed governance arrangements to manage the project
- organisation’s experience in delivering similar projects
- benefits the project is expected to provide
- collaboration arrangements (if applicable)
- status of and pathway for any permissions or approvals
- status of appropriate IP rights for the project (if applicable).
- project budget including
- estimated total cost of the project
- grant amount requested; and
- cash co-contribution amount and source
- financial statements for three continuous years or other evidence of financial viability
Stage 2 – Detailed application
- any updates to the information provided in the EOI
- detailed project plan which includes a detailed scope and identifies all elements of the project (template provided)
- completed data sheet (template provided)
- business plan or other supporting documents (demand, sales channels, value proposition, risks)
- cost estimates and/or quotes and technical documents supporting the detailed budget and project plan
- evidence of at least $20 million in public liability insurance or able to secure
- signed Probity Declaration Form
Stream 1 applications also require:
- evidence of project readiness
- evidence of co-contribution
- measurement of expected benefits
- rationale for and impact of government support
See the guidelines for each stream for full details of information requirements.
Applying for RIAF
Stream 1 applications are submitted via the SmartyGrants portal.
Stream 2 applicants contact the Department by email to initiate an EOI pre-meeting.
Book a no obligation discovery session with GrantHelper to explore your alignment with this grant and how we can assist you to increase your chances of success.
RIAF assessment criteria
| Stream 1 EOI | Stream 2 EOI |
| Strategic alignment – alignment with relevant NSW Government strategies, frameworks and plans – alignment with RIAF objectives | Uniqueness – project is time-sensitive and needs funding outside standard funding cycles |
| Project feasibility and deliverability – clearly defined project scope – capability and capacity to deliver, including staffing and governance – necessary financial resources and represents value for money development of risk management strategy | Strategic alignment – alignment with relevant NSW Government strategies, frameworks and plans – alignment with RIAF objectives |
| Project feasibility and deliverability – clearly defined project scope -capability and capacity to deliver, including staffing and governance -necessary financial resources and represents value for money -development of risk management strategy | |
| Sustainable employment – project strongly contributes to sustainable employment opportunities | |
| Stream 1 Detailed application | Stream 2 Detailed application |
| Strategic alignment – as for EOI | Uniqueness – as for EOI |
| Precinct or key industry activation – contributes to increased business establishment and expansion in identified precincts/locations and/or activation of a key industry – expands and/or establishes multiple businesses in a priority location – delivers wider economic benefits to a region or industry beyond the immediate grant beneficiaries | Strategic alignment – as for EOI |
| Sustainable employment – retains existing jobs – employs and/or works in partnership with identified priority groups – provides high-quality upskilling opportunities for regional NSW workforce – creates of high-quality employment opportunities | Economic – delivers positive net benefit per dollar of government grant – delivers agglomeration benefits – attracts flow-on investment – increases industry resilience and capability |
| Collaboration – effectively brings together business, education, research and investor partners – collaboration shares resources, technology and/or infrastructure – delivers broader benefits such as R&D development, knowledge sharing and access to new markets | Deliverability – demonstrates skills and capacity to deliver – readiness to commence project – appropriate project plans and budget |
| Economic – delivers positive net benefit per dollar of government grant – delivers agglomeration benefits – attracts flow-on investment – increases industry resilience and capability | Affordability – provides required co-contribution from applicant and partners |
| Deliverability – demonstrates skills and capacity to deliver – readiness to commence project – appropriate project plans and budget | |
| Affordability – provides required co-contribution from applicant and partners |
See the guidelines for each stream for full details of assessment criteria.
RIAF resources
- Source – RIAF
- Source – Stream 1
- Source – Stream 2
- Guidelines – Stream 1
- Guidelines – Stream 2
- FAQs
- Regional NSW LGAs
- NSW Government’s 20-Year Economic Vision for Regional NSW (Refresh)
How do I get RIAF?
You should read and understand the guidelines.
You need to ensure your organisation is eligible for the funding. Organisations that do not meet all of the eligibility criteria outlined above will not be considered.
Successful applicants will demonstrate:
- a strategically significant project that aligns with the NSW Government’s priorities and the program objectives by targeting key industries and priority precincts
- a clearly defined collaborative project with a robust business plan that is ready to implement
- projected economic, social and environmental outcomes that are realistic and reflect value for money
- the impact of grant funding on the scale and timing of the project
- strong governance and management structures, including risk identification, that support the activities and collaborations
- a project team with the track record and necessary resources to support successful completion of the project within the agreed timeline
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