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One Million Dollars to Help Businesses Adjust to Reduced Fishing

AUSTRALIA - Australian businesses will share in more than A$1 million in Australian Government grants as part of a structural adjustment package to secure a profitable and sustainable future for Commonwealth-managed fisheries and reliant onshore businesses.

A total of 14 businesses will receive funding from the latest round of grants under the Securing our Fishing Future package.

Onshore Business Assistance is a component of the package designed to assist businesses dependant on Commonwealth-managed fisheries adjust to reduced fishing activity.

There are two types of assistance available: Onshore Business Development Assistance and Onshore Business Exit Assistance.

A broad range of industries rely on fisheries managed by the Commonwealth and this is reflected in the latest round of grants, according to the Australian Department for Agriculture, Fisheries and Forestry.

The funding will help the businesses cope with the effects of reduced fishing activity resulting from the A$150 million buyback of fishing licences.

Onshore Business Development Assistance is capped at A$250,000 and helps applicants strengthen and diversify their business.

The Exit Assistance, capped at A$100,000, is provided to assist applicants reliant on Commonwealth-managed fisheries leave the sector.

Eleven businesses were successful in their applications for onshore business assistance. A total of A$882,382 was approved for these initiatives.