Looking for business grants in Victoria to support innovation and growth? Whether you’re in advanced technology, clean energy, agri-innovation, infrastructure or critical minerals, there are multiple government grants available.
Business funding isn’t just about covering operating costs. It’s an opportunity for scale, reducing risk, forming strategic partnerships, and validating your business model.
In this article, we explore the top Victorian business grants available right now for innovative companies across key sectors.
- Industry Growth Program
- Victorian Business Growth Fund
- Breakthrough Victoria Challenge
- Victorian Production Fund – Games
- Community Development Fund
- Frontier Health and Medical Research Grant
1. Industry Growth Program
The Industry Growth Program helps innovative Australian small-to-medium enterprises (SMEs) grow by providing advice and funding for commercialisation and expansion, focusing on priority areas of the National Reconstruction Fund.
Who can apply?
Australian SMEs who:
- Have an Australian Business Number (ABN)
- Are registered for Goods and Services Tax (GST)
- Had a turnover under $20 million in each of the past three financial years
- Have an innovative product, process or service which you would like to commercialise and/or grow, according to at least one of the following National Reconstruction Fund (NRF) priority areas:
-
- value-add in resources;
- value-add in agriculture, forestry and fisheries;
- transport;
- medical science;
- renewables and low emission technologies;
- defence capability;
- enabling capabilities.
Eligibility criteria
Businesses must be incorporated in Australia, a co-operative, or an incorporated trustee on behalf of a trust. Projects should involve the commercialisation or growth of an innovative manufacturing product, process, or service aligned with National Reconstruction Fund (NRF) priority areas.
How much is the grant?
Grants of between $50,000 to $250,000 are available to support early-stage commercialisation projects.
Grants of between $100,000 to $5 million are available for commercialisation and growth projects.
Benefits
The Industry Growth Program supports feasibility studies, prototyping, market testing, IP commercialisation, and scaling production capabilities.
An Industry Growth Program Adviser will collaborate with you to develop tailored recommendations and a practical plan to support your business’s commercialisation and growth.
This personalised advice may cover:
- Strategies for commercialisation and expansion, including validation of your business model;
- Pathways to funding, identifying potential investors, and preparing for capital raising;
- Building strategic networks and forming collaborative partnerships;
- Managing and protecting intellectual property related to commercialisation;
- Market testing approaches;
- Crafting strong and differentiated value propositions.
At the end of the engagement, your Adviser will deliver a report outlining key priorities and recommended actions to help you pursue identified commercialisation and growth opportunities.
Application deadline
Applications for this program are always open.
2. Victorian Business Growth Fund
The Victorian Business Growth Fund helps Victorian SMEs grow their business. Created through a partnership between the Victorian Government and First State Super, the Fund is designed to support SMEs poised for growth but face challenges in securing funding or finding suitable strategic partners.
Supporting businesses with strong potential for long-term expansion, especially those struggling to access capital, has become even more vital in helping to rebuild and grow the economy following the disruptions caused by the COVID-19 pandemic.
The Fund will focus on creating and sustaining permanent, high-skill roles in key economic sectors. It will prioritise employment that enhances workforce diversity, supports individuals who are unemployed or face barriers to employment, and assists people undergoing reskilling or entering apprenticeships.
Who can apply?
Victorian SMEs seeking long-term growth opportunities, with annual revenue of between $5 million and $100 million. The fund provides capital to scale operations and drive job creation.
Eligibility criteria
To be considered for the Fund, businesses must:
- Demonstrate a strong growth potential for Victoria. This could include expansion of an existing Victorian business, the entry of a business into the state, significant job creation, or substantial capital investment within Victoria;
- Generate annual revenue between $5 million and $100 million;
- Hold total assets valued at no more than $250 million;
- Be currently cash-flow positive, or have a clear trajectory toward achieving positive cash flow during the investment period.
How much is the grant?
Rather than providing a grant, the fund takes an equity; specific amounts vary based on business needs.
Benefits
The Victorian Business Growth Fund provides strategic insights, expertise, and commercial experience to accelerate growth outcomes.
Application deadline
Applications are accepted at any time.
3. Breakthrough Victoria Challenge
The inaugural Breakthrough Victoria Challenge promotes new technologies and scientific innovations to address the growing volume of solar photovoltaic (solar PV) waste.
Who can apply?
Innovative companies developing scalable solutions, particularly in clean technology sectors.
Eligibility criteria
The Breakthrough Victoria Challenge wants to know how Victoria should be tackling the issue of ever-increasing solar PV waste.
Breakthrough Victoria is looking to back companies with:
- Purpose-driven founders and great teams;
- A deep understanding of the problem;
- Breakthrough technologies or novel solutions;
- A compelling market opportunity;
- Demonstrable traction – visible progress you’ve made and how you plan to scale;
- Noticeable impact. BV wants to understand the impact your company will have on the state and the world;
- Victorian teams or companies looking to setup and grow in the state.
The challenge focuses on technologies that efficiently retrieve valuable components from end-of-life solar panels, such as silicon and silver.
How much is the grant?
Breakthrough Victoria backs businesses across every stage, from early concept through to scale-up, with investments of up to $10 million. They invest through equity, like a venture capital firm. They do not provide grants nor venture debt but make direct equity investments and offer convertible notes.
Whether you’re refining a new idea or leading a high-growth startup seeking capital, they are ready to help move your business forward.
Benefits
Supports the development of high-value products from end-of-life solar panels, aiming to reduce landfill and increase material recovery.
Application deadline
Applications are open and ongoing.
4. Victorian Production Fund – Games
The Victorian Production Fund – Games from VicScreen supports creatives to develop and release digital games throughout all production phases, for PC, consoles, mobile, virtual reality (VR), augmented reality (AR) or extended reality (XR).
Who can apply?
Victorian digital games development companies and creators.
Eligibility summary
Applicants must be based in Victoria and involved in developing digital games across various platforms.
How much is the grant?
Up to $300,000 per stage and up to $500,000 per project is available.
Benefits
Supports the development and release of digital games, fostering industry growth and enhancing Victoria’s reputation in the gaming sector.
Application deadline
Applications are now open.
5. Community Development Fund
The Community Development Fund from the Department of Energy, Environment and Climate Action (DEECA) supports the development of new industries and opportunities for Local Development Strategy programs in Victorian communities.
Who can apply?
Communities with a Local Development Strategy under the Victorian Forestry Plan.
Eligibility criteria
There are two funding streams available.
Funding stream 1: Project management & upskilling support
This stream supports project management activities and initiatives to build community and business capability.
Available funding
Eligible activities
Activities generally not funded
- Project management roles expected to be covered by the host agency
- Retrospective funding (for activities already started or completed)
- Property or vehicle purchases
- Projects requiring ongoing Victorian Government funding
- Activities delivered by private companies under Victorian Government contracts
Funding stream 2: Economic diversification projects
This stream funds projects that support diversification opportunities identified in the Local Development Strategy.
Available funding
Eligible activities
Eligibility conditions
Required Alignment:
- Project must align with the outcomes of the Local Development Strategy
- Must be endorsed by the local community organisation overseeing the strategy
Activities generally not funded
- Activities for regulatory compliance only
- Retrospective funding (for activities already started or completed)
- Property or vehicle purchases
- Political campaigns or advocacy for political parties
- Projects under Victorian Government contracts delivered by private businesses
- Activities typically funded by other government levels
- Projects requiring ongoing operational funding from the Victorian Government
How much is the grant?
Up to $2 million per eligible community, with a total of $22 million available.
Benefits
Funds early-stage innovation and diversification opportunities to support economic transition and new industry development.
Application deadline
Open until 30 June 2026.
6. Frontier Health and Medical Research Grant
The Frontier Health and Medical Research Grant offers funding to support medical research and medical innovation programs which deliver ambitious, exploratory and ground-breaking treatment for a currently serious and incurable health condition.
Who can apply?
Researchers and organisations developing novel health technologies or repurposing existing ones in innovative ways.
The funding process involves two steps:
- Expression of Interest (EOI): a summary of the proposed research program, outlining a 10-year development timeline.
- Full Application: a detailed proposal for a project lasting up to 5 years within the broader research program.
Only invited applicants can submit a full application. Projects can begin at any point in the research pipeline, starting from proof-of-concept, with the goal of fully implementing the technology within a decade.
Further funding for follow-on projects that advance the technology towards full implementation can be requested by lodging additional full applications, without the need to submit another EOI. These subsequent applications are also by invitation only.
Eligibility criteria
Projects should aim to develop new products and interventions and implement these into clinical practice.
How much is the grant?
Up to $25 million per program of research.
Benefits
Supports big ideas in health and medical research, facilitating the translation of research into clinical practice.
Application deadline
The program expects expressions of interest will close on 31st March 2026.
Securing the right funding can make a world of difference to Victorian businesses looking to innovate, grow, or scale into new markets. Grants and funding available in Victoria offer real opportunities to reduce risk and accelerate progress.
Sometimes knowing where to start can be half the battle. Book a FREE consultation today with FundFindrs to assess your company’s eligibility and build a solid grant strategy.
