Tasmania is a state that offers many grants and economic packages to its entrepreneurs and business owners. This is done in order to encourage them to grow and increase their areas of operations. Many grants are given for innovation, research and development, and to tap the export potential of these businesses.
Small business continuity grant
Round 2 of this business grant is currently open to businesses negatively impacted by Covid-19 pandemic. Under this program, $2 million have been set aside. Eligible businesses are given $750 each to be able to pay for the consultancy charges of a professional to help their business get on track. These consultants will advise the business on planning for the continuity of the business and how to improve the existing client base. The 2nd round of this grant opened on 10th August, 2020 and it will close on 7th September, 2020.
- Businesses must have less than 20 employees as of 29th Feb, 2020
- Total payroll for 2018-19 should be less than $1.25 million
- Annual turnover of business in the previous year should be more than $50,000
- Businesses should be registered and operating in Tasmania
- Businesses should have ABN
Business funding programs
Eligible businesses are provided grants and given funds to run growth programs. These grants are disbursed under the aegis of Department of State Growth. Some of these grants are given for starting a new business, while others are given for managing an existing business.
Different areas under which these grants are provided by the Tasmanian government are: advanced manufacturing, agribusiness, arts Tasmania, community infrastructure, events Tasmania, export, international education, renewable energy, skills Tasmania, and tourism. To know more about these grants and funding programs, you can contact one of our advisors.
Tourism industry market support program
This program is a component of COVID-19 Small Business Sustainability and Recovery Assistance Package. It aims to help businesses to recover and reopen. Under the tourism industry market support program, Tasmanian government is providing monetary assistance to operators in tourism industry after reopening the borders of the state.
Government has set aside a fund of $750,000 and the program opened on 12th August, 2020. It will continue till 30th October 2020 or till the time the funds get exhausted. Grants will be given on first come first serve basis and the applications will be assessed by the State Growth and Tourism Tasmania.
- Your business should have ABN
- It should have been operative on or before 29th February, 2020
- At least half of the applicant’s annual income must be derived from the stated business
- Business should be carried out in the state of Tasmania
- It should be related to tourism, whether it is attracting visitors, marketed for backpackers, provides accommodation to tourists, or organizes tours for the visitors
The application would be deemed ineligible if it comes from a government entity or a company incorporated as a public company.
We would be more than happy to assist you in identifying assistance programs for your business. Kindly contact one of our advisors to learn about the application process and submission criteria.