Utilising grants for business growth
Australian Government provides grants for businesses that are on a mission to grow and expand their operations. Like any other grants, these also come with set eligibility criteria. In this section, we will discuss some of these grants and businesses that are eligible to apply.
Owners of small and medium businesses can apply for these grants if they have received service for managing their business through a business advisor/facilitator and if he/she recommends a detailed improvement plan to grow your business. The improvement plan recommended should be capable of increasing your business in Australian or International markets. Successful applicants will receive funding up to 50% of the qualified costs. Maximum funding amount available per applicant is $20,000 (GST Excluded).
To be able to apply for this grant, applicants must:
- have a detailed improvement plan provided by a business advisor or facilitator
- not have received any previous grants for the plan under which they are currently applying
- apply within 12 months of receiving the detailed plan
Apart from the above-mentioned criteria, it is also required that the proposed project includes certain pre-defined activities. Also, the proposed project should have at least $5,000 in eligible expenditure and should not have commenced at the time of application.
Certain State Governments also have a few grants in place intended for business growth of SMEs. One such grant provides small to medium businesses with a funding of up to $50,000 to buy specialised equipment or services required to grow their businesses. To be able to apply businesses must:
- have an ABN and are registered for GST
- headquartered in the state providing the grant
- be in business for the last 3 years
- have an annual turnover of minimum $500,000
Another state-funded grant provides small to medium businesses with the necessary amount to pay for expert support required to grow their businesses. For SMEs based in regional areas, extra funding of $1,000 is provided to cover for the transportation and accommodation charges of the business advisor/consultant they have hired (only if the consultant travels more than 150 km to reach his client). To be able to eligible for this grant, a business must be:
- based in the state/territory providing the grant
- an aboriginal enterprise, or
- an NFT organisation
Above mentioned are only some of the many grants that federal and state governments are providing to support the growth of SMEs in various industries. If you want to know more about the grants that can help your business grow, please speak to one of our advisors today.