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Enterprise Challenge Fund
Enterprise Challenge Fund for The Pacific and South East Asia is and AUS-Ied Australian Government initiative. 1st goal is to encourage private sector-Ied growth which will help reduce poverty. This is new and innovative opportunity for businesses to develop a commercially sustainable business enterprise, whilst contributing to poverty reduction in the target countries. Businesses can apply for grants of between A$ 1.5 million for business projects that create commercial opportunities in low income markets. The business is requires to contribute to a minimum of 50% of the project’s costs and ECF funding must be commercially self-sustaining within three years.
Applications for grants will be awarded for projects in Fiji, eastern Indonesia, Papua New Guinea and southern Philiphines in the first phase of ECF from September 2007. These projects can be led by for-profit businesses from any country, provided they have registered business entities in those countries. ECF will encourage commercially sustainable projects that directly improve livelihoods through improved incomes, access to vital goods and services, or new jobs.
Business gains of the projects will extend beyond the individual project benefits and could include general improvements in conditions for doing business in the target countries. It is also desirable that supported ECF projects will be able to be replicated by other business in other settings.
The Eligibility Criteria
The Australian Government and AusAID are committed to supporting sustainable growth and improving the lives of communities in the Asia-Pacific region. The eligibility criteria for ECF grants reflects this commitment and, in addition to the required pro-poor outcomes, these criteria include;
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Projects must be led by for-profit private sector businesses; however NGOs and other groups may be partners in a consortium led by a for-profit business.
- Bidders must be able to demonstrate that their project could not obtain commercial funding.
- Lead bidders must be able to demonstrate a sound financial position and be up-to-date with their tax submission.
- Lead bidders must be able to demonstrate that the project can be legally undertaken in the target country.
- Bidders must demonstrate that they have the internal or acquired expertise to undertake the project.
- The business project must avoid social damage, be environmentally responsible and cannot involve tobacco, alcohol or gaming.
- A project may be awarded a grant only if it ill be deemed to be commercially sustainable within three years based on selection criteria and evaluation.
How projects are Awarded a Grant?
ECF in an open competition that will have several bidding rounds in each country. An Assesment Panel comprised chiefly of private sector representatives, will select the winning proposals. To be awarded ECF funding bidders must complete a two stage application process including a submission of a brief Concept Note, and, if invited by the Assesment Panel, a Full Application Form.
After Applications have been reviewed by the Assesment Panel grants will be awarded to projects that best satisfy the assessment criteria. A contract will be developed with successful bidders and the grant monies will be provided according to the enpanditure and reporting timetables stipulated in the contract. There will be two bidding per year in the first three years.
If you are interested in applying for an Enterprise Challenge Find grant please visit www.enterprisechallengefund.org for more detailed information on eligibility criteria and funding round dates.
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