Growth is important for any company’s long-term survival. A growing business allows acquiring new assets, attracts new talent and investments, and creates more job opportunities. However, many small businesses are finding it tough to grow due to shutdowns and budget shortages. In an attempt to help such businesses, both the State and the Federal governments have announced many business growth programs. Below mentioned are a few business programs and grants announced by the Australian state and territory governments to help local businesses.
Aboriginal Business Development Program
The Aboriginal Business Development Program gives financial assistance to Aboriginal business owners in the Northern Territory who want to start or grow their businesses. A small business champion will also interact with successful candidates one-on-one to discuss their growth strategies. A maximum funding of up to $30,000 is available under this program. Applications can be made at any time.
To be eligible you must:
- be a citizen of the Northern Territory
- have a company or a projected business that is at least 50% owned and controlled by aboriginal people
- have a registered and operating business in the Northern Territory
- make necessary financial contributions and demonstrate your ability to do so
Business Growth Loan Scheme TAS
This program offers businesses with low-interest loans to assist them in developing and transitioning to post-COVID-19 operating models that are sustainable. Funds are available from $20,000 to $3 million. Concessional loan funds are available to support the following activities:
- businesses must recover, adapt, expand, and develop improved business models to support job retention as well as growth
- new projects that help to job creation and economic growth in Tasmania
To be eligible your business must:
- own a current ABN and be GST-registered
- be based in Tasmania and encourage Tasmanian employment
- have a projected average turnover of less than $10 million in the first two years, or in the case of a new project, have a turnover of less than $10 million in the last two financial years.
- ensure that statutory payments were up to date prior to the implementation of covid-19
- show that you were profitable before covid-19 and/or that you have a long-term recovery plan
Applications are now open and will close on 14 Sep 2021.
Smarter Business Solutions NT
Businesses can get money through the Smarter Business Solutions initiative to help them increase their energy efficiency and cut costs. The programme provides a variety of services, including:
- advice on the most up-to-date and cost-effective technologies and procedures
- a site survey to discover potential cost-cutting opportunities
- grants to assist with the cost of efficiency upgrades, such as the installation of off-grid and on-grid renewable energy sources
Grants are given for:
- efficiency improvements, which may be reimbursed up to 50% of the cost, up to a maximum of $20,000 in total
- installing off-grid renewable energy solutions might earn you up to 20% discount – up to $20,000 maximum
- installing on-grid renewable energy systems is eligible for a 10% discount, up to a maximum of $10,000
To be eligible you must:
- have lived a minimum of 12 months in the northern territory
- be GST registered and have an ABN
- have a revenue range of $75,000 to $20 million every year
- have fewer than 200 workers
Applications can be made at any time.
If you want to know more information regarding these grants and similar ones, please contact one of our advisers at the number mentioned below.