NATIONAL: The Federal Government claims textile, clothing and footwear (TCF) businesses will be better off under the latest Budget announcement.
The Department of Innovation, Industry, Science and Research has announced this year's Budget provides an additional $5 million in 2010-11 for the government's TCF Strategic Capability Program.
This brings the total value of the program to $35 million over five years.
The eligibility threshold for the program has also been reduced from $1 million to $500,000.
“Taken together, these two measures mean more innovation initiatives can be funded in what is a highly competitive grant program,” the Department said.
The TCF Strategic Capability Program is designed to increase innovation – that is, new and original ideas and business practices – within the TCF industry.
Funding rounds for the program are held annually and successful applicants are required to match Commonwealth project funding dollar for dollar.
Applicants need to show that their project will benefit the industry and add value to the Australian economy.
The TCF Strategic Capability Program is part of the retargeted $401 million TCF innovation package announced in last year's Budget. The $5 million announced in this Budget is additional to that funding.