Grants and Assistance Schemes – Business Services Sector
Out of the various grants provided by the Australian government, these assistance schemes are intended for operators in the professional business service sector. While some of these schemes are funded by the Federal Government, a vast majority of them are supported by the respective state and territory governments. In this section, we will discuss some of the business services grants and their eligibility criteria.
Business Services – Schemes funded by the Federal Government
For professionals, who are not a part of any accredited training program and wish to start their own service-oriented business, the Australian Government provides certain incentives as well as additional support via specialised schemes. The amount of the grant one may receive will be determined by the department at the time of application. However, to be able to apply for this scheme, a person must be over 18 years of age, have an Australian work permit and be prepared to enrol into the NEIS program(where applicable).
Business service providers can also benefit from a new program, which has been recognised as one of the best initiatives released by the Australian Government to date. It is geared towards increasing the competitiveness in business by achieving optimal productivity. Successful applicants may receive up to $1 million matched funding along with free access to expert advice from professional advisors.
State and Territory Funded Business Services Grants
There are a few states that help businesses in the professional services sector by granting them up to $10,000 in matched funding to digitalize their offices. These funds can be used to buy the necessary software; hardware and to pay for digital coaching required to improve their customer base. To be eligible for this grant, businesses must be registered with GST, have an ABN, have less than 20 employees and turnover should be less than 2 million.
There are also certain states and territories that provide low income earning businesses with attractive grants. Small and medium business services providers, looking to expand their existing business or looking to start a new business to earn more income, can avail up to $3,000 interest-free loans and up to $10,000 with low interest as seed funding. Successful applicants will also be provided with services such as skills-growth programs, mentoring and peer support.
If you are the owner of a small business services firm in need of professional advice or support, but cannot afford it, your state government might be able to assist you. Some states provide a matched funding of up to $5,000 to help small businesses access professional advice to improve their business. To be eligible, your business should be: no older than 4 years, have an ABN and have less than 20 employees.
The above-mentioned grants are only some of the many incentives that the Australian government has in place to stimulate economic growth by helping businesses that require assistance. If you are currently seeking assistance and wish to know more about the various grants available in your sector and region along with their eligibility criteria, call us today and speak to one of our advisors.