A NSW Government website

Rural Assistance Authority

Seafood Innovation Fund

The NSW Government is offering low interest loans up to $500,000 to assist commercial fishers and aquaculture farmers to identify and address risks to their business, improve permanent assets and infrastructure, ensure long term productivity and sustainable use of the marine, estuarine and land-based environment.

The Seafood Innovation Fund will assist investment in the following key areas:

  • Preparedness - adaptability to changing seasonal conditions or climatic events of floods or droughts.
  • New products/markets - development of new products and opening up new market opportunities.
  • Environment - ensuring equipment has a minimal impact on the environment.
  • Fishing and aquaculture farming equipment and assets - replacement of unsafe or inefficient assets.
  • Transport and logistics - ensuring that product reaches markets in optimum condition.

Applications are now open and will continue to be accepted until program funding is exhausted.

Please refer to the program guidelines for detail, including eligibility criteria:
Program Guidelines – Seafood Innovation Fund

Assistance available

Seafood Innovation Fund loans are available to businesses within the seafood sector in NSW.

Loans are up to $500,000 for 100% of the net, GST exclusive cost of eligible works. The net cost is determined by deducting the amount of any other government grants relating to the proposed works. A concessional interest rate is applied and is fixed for the term of the loan. Loans terms are up to 20 years, dependent upon the amount borrowed and the applicant’s ability to repay. Works must be completed within 12 months from date of loan approval.

Refer to the Program Guidelines for detail, including eligibility criteria.

What you will need 

To apply, you will need copies of the following documents:

  • Signed Mortgage Lenders Consent Form from your existing mortgagee (download a Mortgagees Consent Form).
  • Last three years balance sheets and financial statements of your farm enterprise (these include profit and loss statements, stock trading account and depreciation schedules).
  • Last 3 years individual taxation returns and a current listing of all assets and liabilities held by each individual member of a partnership/family trust and individual director(s)/shareholder(s) of all companies.
  • Trust deed (if applicable).
  • Business and Risk Assessment Plan.
  • Monthly cash flow budget for the next 12 months.
  • Current LGA (council) rates and LLS rates notice(s) for the property or properties where the work is to be completed, if applicable.

Apply now

The online application form has been designed to make the process as simple as possible. We recommend that you have all scanned documents ready to upload before starting the process. We recommend that you use the Google Chrome browser.

Claim payment

Once your application has been approved, you will be advised of the process to submit invoices to claim payment.

Please note that the online form has file size restrictions (approx. 20MB total) – for each attachment please ensure the file size is 2.5MB or less to avoid submission issues.

To lodge a claim, you will need:

  • BP reference number
  • ABN number
  • Case number from original application
  • Tax invoices

Please note, invoices to be claimed under this program must be submitted within twelve months of application approval.

We recommend you use the Google Chrome browser when submitting a claim.

Need help?

If you have any questions about this program you can contact our team by calling 1800 678 593 or emailing rural.assist@raa.nsw.gov.au.

If you have difficulty understanding the guidelines or completing the application form you should seek the assistance of your rural/financial counsellor, business advisor, accountant or a trusted family member/friend. If you need assistance with interpreting or translating, please contact Multicultural NSW on 1300 651 500 or email languageservices@multicultural.nsw.gov.au.

If you are experiencing any issues completing the form, free confidential assistance is available from your local Rural Financial Counselling Service (RFCS). For more information, visit the RFCS website or call:

  • Northern region: 1800 344 090
  • Southern and Central region: 1800 319 458

Total funding = $ 1,000,000,000

  • DIF/FIF refers to the Farm Innovation Fund or Drought Infrastructure Fund
  • SIF refers to the Seafood Innovation Fund
  • DAF refers to the Drought Assistance Fund (closed in 2021)
  • Values shown are for amounts approved
  • Rounding may mean subtotals are less than grand total