SME defence companies get access to $20,000 grant

Around 150 small and medium companies in the defence sector will be able to claim a Federal Government grant of up to $20,000 to improve their competitiveness and access new technology.

Defence Material Minister Greg Combet announced the grants yesterday. They will match the amount of money spent by businesses on their own R&D efforts and will be conditional on businesses working with defence center business, who will come up with spending plans for each entity.

“In addition to money, they get access to expert advice,” Combet says.

The plans will outline how each dollar of the grant will be spent, a Government spokesperson said. This makes the spending effectively subject to defence department approval.

Around 150 companies are expected to take advantage of the offer, the spokesperson said.

“We had a recent skills program for SMEs in the industry and there was a similar take-up, so that’s what we’re expecting with this.”

The minister announced the program at the launch of the Enterprise Connect Defence Industry Innovation Centre in Melbourne yesterday.

Companies interested in the bonuses can apply for an initial assessment at the department’s website.

No cut-off date for the bonuses has been set.