Australian Business Grants
Business grants are available at the national, state and local council level for businesses that meet the government’s growth criteria. State-level grants are usually available for businesses that meet the State’s development agenda. This could be regional development, focus on a particular industry, job creation or to fund research in a particular subject.
Though rare, Federal grants are available for businesses that meet national growth requirements – for example, support for International trade, commercialisation of an innovative product, the progress of a minority ethnic group or start-up incubators. In this section, we will discuss some of the grants available to various businesses and their eligibility criteria.
One of the Federal Grants available to SMEs in the field of exports provides them with up to 50% reimbursement on promotions aimed at international markets. As a part of this grant, SMEs can claim up to $150,000 in promotional costs. To be able to eligible for this grant, businesses must:
- Have a turnover of less $50 million
- Not be agents, but the principal in the product being exported
- Export the products to international markets
Promotional costs may include an overseas promotion, marketing, seminars, advertising campaigns, etc. Funding provided under this grant will cover up to 50% of promotional costs incurred for expenditure above $5,000 and up to a maximum of $150,000.
Few Federal grants are also available to the SMEs running medical practices in rural areas. Under this grant, General Practitioners (GPs) are provided with appropriate funding to grow their skills by joining various emergency and procedural medicine programs.
To be eligible for this grant, applicants must:
- be a GP practicing in emergency and procedural medicine
- must be serving in rural areas
Funds that can be claimed under this grant are as follows:
For procedural medicine training: $2,000/day for up to 10 days per year
For emergency medicine training: $2,000/day for up to 3 days per year
One of the state-funded business grants provides SMEs with up to $30,000 for starting a new business and exploring new market avenues. To be able to apply, businesses must:
- Be located in the region indicated by the local government
- Have an ABN
- have no more than 20 employees
- have a legal business plan
- have the potential to create new employment opportunities and develop business investments in the indicated region
- innovate at least one new product or service (applies to businesses seeking to expand)
Some states provide small to medium enterprises with up to $2,000 for hiring a new employee. To be able to apply for this grant, businesses must:
- have an ABN
- not be required to pay any payroll tax for an employee during the first year of his/her employment
- be hiring for full-time employment
Apart from the above mentioned Federal and State-funded grants, the Australian government also provides businesses with assistance to secure loans and free mentoring programs. If you are a business owner on the lookout to develop your business and wish to know more about the various grants available in your sector and state along with their eligibility criteria, call now to speak to an advisor.