Social enterprises can be non-profit, for-profit or hybrid businesses that exist to benefit the public and community and are established to address cultural, social and environmental issues. Australian Government provides various types of community development grants for social enterprises, both SMEs and Not For Profit (NFP) organizations working in different fields. These grants are aimed at improving certain conditions prevailing in a community or to develop the quality of living of a community as a whole. In this section, we will discuss some of these grants and their eligibility criteria.
Product Innovation Grant for Social Enterprises
One of the grants provided by the Australian Government to social enterprises working towards product innovation includes a matching fund of up to $50,000 along with the services of a dedicated skilled facilitator. The skilled facilitator’s main purpose is to help the company asses its research needs and if required, connect it to the business experts to define its project scope.
To be eligible for this grant a social enterprise:
- should be registered as a for-profit organization
- should be registered for GST and non-tax exempt
- should be based in Australia
- annual turnover should be between $1.5 to $100 million
- should have a matching fund for the amount they are claiming, for up to a maximum of $50,000
Renewable Energy Grants for Community Development
The Australian government also encourages community organizations to make use of renewable energy by providing them with community grants ranging from $2,500 to $12,500 to put up solar panels, store batteries, make use of solar water systems, etc. If the total budget exceeds $12,500, the organizations have to bear the extra costs on their own.
To be eligible, businesses should be:
- Community organizations/SMEs
- A legal entity ready to enter into an agreement with Common Wealth
- ABN Holder
- Have at least $2,500 in expenditure funds
Medical Research Grant
One of the Federal Government-funded grants provides researchers in the medical field with a funding of up to $1 million to handle medical projects that have the potential to create a positive impact on health care.
To be eligible for this grant a business must:
- have an ABN
- be incorporated in Australia
- be a medical institute/university/commonwealth entity/a corporation (both businesses and not-for-profit organizations are eligible)
The minimum funding that can be claimed under this grant is $250,000 and the maximum is $1 million. The grant is designed to cover up to 100% of the costs involved within the project and can be extended up to 1 year for execution from the grant agreement date.
Above mentioned are only some of the many grants that federal and state governments are providing to social enterprises that encourage community development. If you are a social enterprise looking forward to undertaking projects for the benefit of communities, located especially in the regional areas, you may be eligible to receive one of the community development grants. For more information on your eligibility, please speak to one of our advisors at the number mentioned below.