Small Business Grants NSW (New South Wales)
Small business grants can be the key to success for many entrepreneurs in New South Wales (NSW). These grants not only provide financial support, but they also offer guidance to help small businesses grow and create jobs for the residents of the region.
The NSW government has established various funding programs and grants to support startups, innovation, job creation, and economic growth in the region. In this article, we will discuss some of the most popular small business grants for NSW residents.
R&D Fund
Research and development (R&D) is critical to the success of any business. To support this, the NSW government has established a $6 million R&D fund for companies that focus on providing solutions to environmental problems, health issues, and other social challenges.
The government is particularly focused on commercialising technology and alleviating the socio-economic impacts of the pandemic. This grant is designed for innovative social enterprises and technology-rich startups working in the NSW region. Companies selected by the Expert Panel, which comprises both industry and government members, can receive a grant ranging from $250,000 to $1 million.
MVP Venture Programs
Minimum Viable Product (MVP) is the basic requirement for the success of any business. Without something to show potential partners, investors, and other stakeholders, a small business cannot go very far.
The NSW government has established the NSW Venture program to support MVPs and help them commercialise innovative products and technologies. The program provides financial assistance and support, and the government allocates $10 million per year to it. NSW-based companies that can complete their MVP in a period of 12 months are eligible to apply for this grant.
Hatch Accelerator Program
The Hatch Accelerator Program is aimed at promoting innovative social enterprises and has been established by the Department of Planning and Environment. The program is for startups based in the NSW region working on environmental projects, biodiversity, and wildlife.
It provides mentorship, networking opportunities, and financial assistance. The Hatch Accelerator Program provides $25,000 for development, and an opportunity to get $50,000 at the end of the 14-month acceleration program.
The accelerator does not take any equity from startups. To be eligible to take part in the acceleration program, you must own a small business working to solve environmental issues and should be based in the NSW area.
Prevention, Innovation, and Technology Grants
Gambling is a serious social problem that affects entire families. To minimize this menace, the NSW government has set up the Prevention, Innovation, and Technology grant. The grant offers funding for unique and innovative projects that are working towards reducing the harmful impacts of gambling and increasing technological innovation.
The fund was set up in 2019 and offers grants for research and innovative ideas. The amount of grant ranges from $100,000 to $400,000. Businesses working in NSW region to effectively reduce harms of gambling, increase technological innovations to create awareness and prevent gambling, and helping people make better decisions are eligible to apply for this grant.
Regional Job Creation Fund
The Regional Job Creation Fund is a $250 million fund established to promote job creation and economic growth in the NSW region. It supports existing businesses and skilled workers willing to relocate to the region. This small business grant in NSW helps to increase employment opportunities, productivity, and providing skills and training opportunities.
If you own a small business in NSW and want to offer employment to skilled labor, you can apply for the next round of the Regional Job Creation Fund. The applications open in January of every year, and the funds are provided to the selected small businesses by October.
Infrastructure Build Out Program
Infrastructure is the basic requirement for economic growth, and to promote the development of infrastructure for industries, NSW government has initiated the Infrastructure Build Out Program. Under this program, $31 million are disbursed through grants to support research and development of new infrastructure.
The grant amount ranges from $500,000 to $10,000,000. Educational institutes, research facilities, and other small businesses working on R&D are eligible to apply for this program. The grants helps fund the purchase of specialized equipment, improving laboratory facilities, business mentorship of SMEs, and the employment of skilled staff.
The small business grants for NSW can provide the much-needed financial assistance to the SMEs. These programs open throughout the year and if you own a small business in NSW region, you can select the grant that covers your field and apply for it right away.
Small Business Grants NSW
The grants and funding programs mentioned in this article are just a few examples of the assistance programs available to NSW small business owners. Be sure to call us today and speak to one of our representatives for more information on what type of assistance programs are available.
