Government Grants Available to Small Business Owners in Australia
Are you an Australian small business owner wondering how to improve your venture? As many, it is the desire of any entrepreneur to expand their business to levels where it can begin making optimal returns. For a small business to grow exponentially, it needs an injection of funds to cater for the operations needed for it to compete resolutely. The reality is that a significant number of small business owners don’t have the funds to achieve this goal and, for that reason, they have to find strategies to support their operations.
Additionally, they lack information regarding the possible ways they can use to fund their businesses. Fortunately, there are business funding and grants avenues available for a small business owner to receive a business support fund or a business continuity fund to catapult their business to another level. Here are key government grants available to small business owners in Australia to help them boost the capacity of their companies.
The Entrepreneur’s Program
The Entrepreneur’s Program is a government grant that provides business support fund of up to $1 million, depending on your type of business. The major aim of the program is to provide small business owners with the opportunity to boost their business productivity. The government acknowledges that for a business to have the muscle to compete effectively in its market landscape, it should first grow to significant levels. More than just receiving the business continuity fund, businesses have the opportunity to get expert advice on how to effectively manage finances and improve their chances of success. This is a plus for businesses that lack experience on how to navigate through their marketplaces effectively.
There are also additional incentives available for business owners who qualify for this program. It is important to take note that the businesses eligible for the program are those involved in medical technology, mining, advanced manufacturing, pharmaceuticals, food, and agriculture. If your company deals with any of these categories, you can go ahead and apply for the grant and stand a chance to enjoy the business support fund extended to you.
Accelerating Commercialisation is one of the business funding and grants options that small business owners in Australia can apply to boost their ventures. The idea behind this grant program is to give companies an opportunity to expand their operations beyond the state where they operate their businesses. In other words, it allows them to move beyond borders and extend their business operations to other states and territories. The grant provides small and medium businesses with grants of up to $1 million to fund the development of new products or services.
For business owners looking for a business continuity fund, this is a viable funding option as it will give them the impetus to move to new markets and establish their presence. Moving to a new market and introducing a new product or service isn’t an easy process, and that’s why the grant offers an excellent business support platform for business owners. For a company to be eligible for this government grant, it should be Australian and have an original product or service it needs to commercialise. Of great importance still, the company should be able to fund at least 50% of the venture.
Australian Apprenticeship Incentives Program
The Australian Apprenticeship Incentives Program is yet another business funding and grants option that Australian small business owners can consider to elevate the status of their businesses. The program seeks to motivate businesses to hire trainees and offer them quality training. The program assists businesses to employ apprentices at affordable rates compared to employing regular employees. The apprentices go a long way to help with a company’s workloads. The program gives businesses incentives from $750 to $4,000 yearly. For a business to be eligible for the program, it should have a training contract with trainees. Therefore, the program is helpful to small businesses because they will be able to work with an affordable workforce instead of hiring employees who will demand high salaries.
Export Market Development Grant
For businesses involved in the export business, the Export Market Development Grant is a viable option for a business support fund. The grant program comes in handy to motivate businesses involved in export ventures to find new markets. Businesses benefit from the program as it refunds 50% of the amount that a business uses to promote it goods and services in the international market environment. The grant consists of a minimum of $5,000 and a maximum of $150,000. For a business to qualify for this grant program, it should have a total revenue of less than $50 million. Also, the company should be the one involved in the export business as opposed to being an agent.
Business Growth Plan
The Business Growth Plan is a state-based grant that offers small and medium enterprises an opportunity to improve their financial and expansion capacities. Apart from providing funding opportunities, the grant program makes available professional services that improve the performance, effectiveness, and profitability of small businesses. This is a great platform for such businesses to grow exponentially.
The New Industries Fund
The New Industries Fund is another state-based grant program that helps to boost the performance of small businesses. The program helps business owners to create additional local jobs through their businesses. Eligible businesses can receive up to $20,000 to help finance their plans and enhance their performance in the market.
Information is power, and that’s why small business owners need the right information about the business funding opportunities available to them. For a business to succeed, it needs to work well with its internal and external stakeholders. Government grant opportunities are some of the benefits that small businesses receive from external stakeholders to improve their businesses. Therefore, it is prudent for a small business owner to be knowledgeable of the funding opportunities available to them. Stay upto date by utiising the best resources and tools available, so you will be able to get connected with the most feasible sources of business funding to support your company’s growth.