Starting a business can take time and effort, even with a great idea. Setting up a business requires time and money. Securing the funding needed to launch or expand your activities past the early startup stage can take time and effort.
-
-
- Government grants aid in the launch of businesses.
- Grants specifically for exporters and international firms are available.
- Any grant proposal must have a strong business plan.
-
Grant money might assist you in growing your company by providing the resources you require during that vital growth phase. It is priceless to have access to funding and support for your idea.
Many grants also offer mentoring, coaching, and other aid forms like media coverage, which can be just as beneficial as financial support for a startup business. To list some of the grants now accessible to Australian business owners, continue reading.
Australian Entrepreneur Grants
Business owners in Australia have access to a variety of government grants. These public subsidies are free for companies pursuing goals backed by the regional government.
Some grants may require a business to cover a portion of the cost of the business idea through other awards or with its funds. Grants aren’t loans; as long as the business abides by the grant’s conditions, it isn’t required to repay the money. New funding frequently rounds open, so astute business owners can likely locate something they qualify for.
1. The NSW Export Assistance Grant
The Export Assistance Grant is intended for companies that previously exported goods but have been badly affected by the COVID-19 pandemic, drought, or bushfires. Businesses in NSW are eligible for the program, which offers them up to $10,000 to assist them in reentering the global market.
Several things can be done with the money, such as:
-
-
- Making promotional materials
- Website translations for global audiences
- Researching the market
- Going to trade shows
- Evolution of e-commerce
- Achieving export compliance
- Localizing merchandise
-
Online resources can be used to learn more about the grant application procedure and determine your company’s eligibility.
2. Safer, More Productive, And Healthier Workplaces Given – TAS
This program provides firms with up to $50,000 to assist them in enhancing their workplaces and reducing accidents. It is intended to lessen the prevalence of musculoskeletal illnesses among workers and make it easier for those who have sustained occupational health-related injuries to return to work. Researchers looking to study workplace accidents may be eligible for a grant worth up to $100,000.
A business must be registered in Tasmania and have an Australian business number to apply. There must be a formal sponsor for researchers. Comprehensive application guidance is accessible on the WorkSafe website, and the application process is relatively straightforward.
3. The ACT Innovation Connect
Businesses in Canberra that have an original idea for a good or service and are trying to commercialize it are welcome to join Innovation Connect. The program, which is based on matching funds, provides firms with between $10,000 and $30,000 in assistance:
-
-
- Establish a prototype
- Create software
- Ask for IP or patent advice.
- Conduct market analysis
- Promote their concepts
-
Your company must submit an expression of interest and a brief video pitch to apply. Another choice is to schedule a meeting with preliminary counsel. 3
4. The TAS Grant for Accelerating Trading
Businesses in Tasmania are eligible to apply for the Accelerating Trading Grant Program. The program’s goal is to assist business owners in starting new ventures and locating new trading partners, especially those in markets outside of the islands.
This program’s two tiers offer rewards of up to $20,000 for companies with revenues between $300,000 and $20 million and up to $10,000 for smaller companies. The company must already be profitable. Instead of launching a brand-new, untested idea, the funding will be used to grow an already successful company to reach new markets. 4
5. Grants – SA: Lead, Educate, Assist, and Promote
The LEAP program assists companies in leading, educating, assisting, and promoting sustainable business practices. Contributions to a qualifying business are capped at $50,000 each fiscal year and up to $100,000 for the project.
Instead of focusing on individual companies, LEAP targets organized business groups. A group of small enterprises with a plan to improve the sustainability of their operations in their South Australian community is encouraged to apply; organizations do not need to be incorporated.
6. Investment-Ready Fast Track Fund – VIC
The Investment-Ready Fast Track Fund is intended to support initiatives that can boost local economic diversity and promote regional or rural recovery. For investment-ready concepts and submissions from Aboriginal organizations, funding of up to $500,000 is available.
The government contribution is set at 25% of the project’s cost, and the fund accepts contributions in kind. The grant pool is $10 million, distributed over two fiscal years, and a competitive application procedure is anticipated. Your company can submit an online request for assistance.
7. Business Growth Program – NT
Businesses in the Northern Territories can participate in this program, which enables them to get the expert counsel and support they need to grow. Small businesses, not-for-profit organizations, and Aboriginal businesses can participate in the initiative. It provides access to financial methods, coaching, and mentoring.
A company may qualify if it has been operating in the Northern Territories for at least six months, has one to 20 full-time employees, and generates at least $75,000 in annual revenue. The NT.gov.au website has additional details regarding the application procedure.
8. Grant for Small Business Pivot – NT
Small firms can reach new markets and boost their revenue with the assistance of the Small Business Pivot Grant, which provides matched funding. Grants of up to $10,000 are available, and the money can be spent on expanding a business’s digital capabilities, paying for training, or upgrading its infrastructure.
A company must be based in the Northern Territories, have a minimum annual revenue of $75,000, but not more than $10 million, and be eligible. There must be at least one full-time employee for the company. On the GrantsNT website, applications must be submitted through a registered supplier.
9. Re-engagement in Apprenticeship and Traineeship – WA
Businesses that hire trainees or apprentices whose prior contracts were canceled because of the COVID-19 outbreak are given financial assistance through this scheme. The initiative rewards $6,000 or $3,000 for reinserting an apprentice or trainee, respectively.
Any WA company with an active contract with the Apprenticeship Office of the Department of Training and Workforce Development for hiring trainees or apprentices may qualify for this incentive payment. The Commonwealth Wage Subsidy is just one of the many available payments and subsidies. For additional information, see the government’s Jobs and Skills website.
10. Grant for Initiatives Fostering Women in STEM and Entrepreneurship
By increasing awareness of the opportunities available to women in these disciplines, the Women in STEM and Entrepreneurship grant seeks to advance gender equality. For programs that promote women and girls by lowering barriers to participation, raising awareness, and giving women training, the grant offers between $500,000 and $1 million.
This funding is intended for organizations that support women and girls in STEM professions or promote female entrepreneurship, not for specific women. Projects must show how their work aligns with the grant’s objectives and provide a strategy and effect evaluation.
10 Tips for Writing a Successful Grant Application
The grant industry is competitive. It’s critical to invest time and effort into your grant application. Be careful you address the following crucial points:
-
-
- Give a thorough business plan.
- Add a concise cash flow prediction.
- Describe your company’s unique selling proposition and competitive edge.
- Describe your firm’s goals.
- Give specifics on how you intend to use the funding and how it will help the firm.
-
Only submit grant applications that are a suitable fit for your organization. Save your time and that of the funder by pursuing funding that your company is ineligible to get.
Featured Image: Pexels © picjumbo.com
