Applications are now open for a share in $34 million to support new innovative forestry projects across NSW.

The Member for Oxley, Melinda Pavey MP, said the NSW Liberals and Nationals Government has created the Forest Industries Innovation Fund to improve profitability, open up new local and international markets, and prepare for future opportunities.

“The Innovation Fund will provide loans of up to $3 million for a range of projects such as timber mill infrastructure upgrades, development of new products, or initiatives that open new markets,” Mrs Pavey said.

“This fund will give industry the opportunity to develop new programs focussed on growing and expanding businesses and creating more job opportunities.”

“The $2.4 billion NSW forest and wood product sector is a truly renewable and important local industry and I am very pleased to support all the associated businesses and employment in our region.”

The fund is part of the four-year, $71.8 million forestry package announced in the 2018-19 Budget.

Applications opened on Monday 1 October and will run for six weeks, with successful projects able to access concessional loans of 2.5 per cent for up to 20 years.

The Forest Industries Innovation Fund supports the objectives of the NSW Forestry Industry Roadmap and will be administered by the Rural Assistance Authority.

Eligibility guidelines, application form and other information will be available on the RAA website (www.raa.nsw.gov.au)