THE South Australian Micro Finance Fund (SAMFF) will provide grants of up to $50,000 for entrepreneurs in the state to develop their ideas in to high-value businesses.
The State Government announced the fund today as part of its $60 million Our Jobs Plan. $1.7 million will be set-aside for the SAMFF.
Grants will be offered on a 2:1 basis. Successful applicants will receive $2 of SAMFF funding for every $1 they raise, with a grant cap of $50,000.
The fund is open to local, national, and overseas entrepreneurs, however all intellectual property created, developed and commercialised through the project must occur in South Australia.
Activities that can be undertaken with a SAMFF grant include prototype development, technology feasibility testing, market research, marketing activities, filing provision patent applications, and developing intellectual property strategies.
For more information, go to: http://www.statedevelopment.sa.gov.au/mff