Building Better Regions Fund - opportunities for infrastructure and community investment
The Federal Government's $297.7m Building Better Regions Fund is now open for infrastructure and community investments in projects outside of the major capital cities of Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra. This funding program seeks to "create jobs, drive economic growth and build stronger regional communities into the future".
Both streams apply a rigorous evidence-based approach to the assessment of projects across four key criteria:
- Economic benefit
- Social benefit
- Value for money
- Project delivery
This means that, to be competitive, projects will need to be carefully scoped to reflect the priorities and criteria of the fund, with impacts representing a compelling case against national competition.
As previously observed, compelling investment opportunities present a strong narrative across three core elements (project champions, value creation, and deal structure). These elements must each be considered if the BBRF assessment criteria are to be successfully addressed. This includes answering key questions in each area including:
- Who are the individuals and entities driving the project? projects driven by multiple stakeholders are more likely to attract funds
- What history do the champions have in delivering similar projects? funders hate having to take money back because of poor project management
- How committed are project champions? funders want to see skin in the game
- What rigorous evidence shows the socio-economic impact of the project? Is this based upon best practice analysis based upon best available data? stronger the evidence that matches criteria, stronger the case
- How does this build on existing successes? projects that leverage existing activities are compelling
- Are there added benefits to government? does the project support other government programs
- How guaranteed are the impacts? risks need to be openly recognised and managed
- Is there co-investment from other parties? does the investment by the BBRF unlock further investment beyond co-funding requirements
- Where is the exit for government? funders hate being locked into further ongoing expenditure - they want to invest and exit
- Is the project self-sustaining? there must be a compelling plan for covering ongoing operating costs
FAR Lane is well placed to support organisations in the development of their BBRF business cases. If you have a high-impact project that will make a lasting difference to your community, we would love to hear from you.
Contact Jason on 0412 836 147 for a free review of your project.