The Henty Machinery Field Days will seek up to $70,000 in financial assistance to help overcome the effects of cancelling this year's event after rule changes made it eligible for government support.
Wagga Show, which also cancelled its 2020 event, is looking into how much grant money it can apply for.
The federal government last week made $2.7 million in grants available for field days as part of a $39 million package for agricultural show societies under financial pressure from cancelled events.
Henty Machinery Field Days chief executive Belinda Anderson said organisers were looking at how they could apply for grants to help run the large-scale event to comply with COVID-19 health regulations.
"Originally we weren't included in the funding that was announced a little while ago just for agricultural societies, but they have included field days now as well," she said.
"Basically, the money will go to our running costs at this stage. There are still a lot of significant expenses that we have, our insurance doesn't change, all those things.
"It would go towards keeping our staff on and there might be some minor projects as well...it will help us get through this period.'
Organisers announced in June that they would cancel the 2020 event, which usually draws 60,000 visitors and 800 exhibitors, due to "insurmountable" difficulties from the coronavirus pandemic.
The Henty Machinery Field Days bills itself as the single largest agricultural and open-air event in southern Australia and has run every September since 1963 except for two cancellations in 1970 and 71 due to a recession.
The Wagga Show Society president Bruce Ryan said the group would look into its eligibility for assistance grants after cancelling its 156th show this year.
"We're still investigating what we are entitled to apply for but we will apply for something," he said.
"We're certainly hoping to run an event next year. We're talking at the moment about how to make next year's show bigger and better and have a big comeback."
Ganmain, Junee, Murrumburrah-Harden have also cancelled their shows for this year.
Riverina MP and Regional Development Minister Michael McCormack said the grants would help field days and show societies days deal with cash-flow pressures caused by COVID-19 cancellations.
Mr McCormack used "the famous Henty Machinery Field Days" as an example of how agricultural events benefit regional economies in his announcement of the new grants
"All agricultural shows and field days that have cancelled their event in 2020 because of COVID-19 will be eligible and they will not have to compete for assistance," Mr McCormack said.
"Our agricultural field days are uniquely Australian and provide huge economic spin-offs for the local communities hosting them as well as opportunities for the businesses and services who exhibit."
Field Days could be eligible to claim reimbursement costs including bank fees, utilities, rates, insurance, fire alarms and equipment, cleaning supplies, telecommunications, IT system licensing costs, website costs, state/national show body affiliation fees and rent.
Applications for the grant open next months.
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Agriculture, Drought and Emergency Management Minister David Littleproud said the Supporting Agricultural Shows and Field Days program will provide a one-off reimbursement to agricultural show societies and agricultural field day organisers impacted by COVID-19.
"This funding supports not only the larger agricultural field days but also the smaller regional ones because we acknowledge the role these events play in supporting on-farm innovation, productivity and profitability," he said.
"Field days hold immense social and economic value for local rural and regional communities, many of whom are doing it tough because of COVID-19."
Mr Littleproud said he would continue to urge the NSW government to "make a contribution to help agricultural shows and field days survive the impact of COVID-19 because of the positive impact they have on their economies."
An additional $100,000 one-off grant will be provided to the Association of Agricultural Field Days Australasia to support its annual conference scheduled for 30 April 2021 to 2 May 2021 and provide training and assistance for members on recovery management planning.