Grants for Business Development
Business development grants are specifically targeted towards the growth and expansion of your business. The Australian government provides assistance to the small business sector in the form of government grants, financial incentives, subsidies and tax cuts.
These business development grants are offered with the intent of stimulating the Australian economy by helping small business owners. During challenging economic times, these assistance programs offer massive relief to an already struggling business. In this section, we will discuss some of these grants and their eligibility criteria.
Business Development Grants
The Australian Government provides SMEs with an asset write-off up to $30,000 for the properties bought and used in the year of application. To be eligible for this grant, an applicant must be the owner of a small business as defined by the ATO.
One more grant provided by the Federal Government allows SMEs to claim up to $2,100 for improving their cyber security measures. To be eligible for this grant, a business must:
- Be certified as a small business
- Have an ABN
- Be registered for GST
- Have less than 19 employees
- Be a business incorporated in Australia/sole trader in Australia /business partner in Australia
Another grant provided by the Federal Government provides SMEs subsidised stock trading rules. Businesses can make use of this grant if the value of the stock on hand is less than $5,000. To be able to apply for this grant an applicant must be the owner of a small business as defined by the ATO.
Yet another grant provided by the Australian Government allows SMEs with a tax write-off up to $1,000. To be eligible for grant, applicant must be carrying the business as a sole trader. Turnover of the business should be less than $5 million.
Owners of SMEs can apply for these grants if they have received service for managing their business through a business advisor/facilitator and if he/she recommends a detailed improvement plan to grow your business.
The improvement plan recommended should be capable of increasing your business in Australian or International markets. Successful applicants will receive funding up to 50% of the qualified costs. Maximum funding amount available per applicant is $20,000 (GST Excluded).
To be able to apply for this grant, applicants must:
- have a detailed improvement plan provided by a business advisor or facilitator
- not have received any previous grants for the plan under which they are currently applying
- apply within 12 months of receiving the detailed plan
Apart from the above-mentioned criteria, it is also required that the proposed project includes certain pre-defined activities. Also, the proposed project should have at least $5,000 in eligible expenditure and has not commenced at the time of application.
Above mentioned are only some of the many grants that federal and state governments are providing to support the growth of SMEs in various industries. If you would like to know more about the grants that can help your business grow, speak to one of our consultants today.