Did you know that the Australian government offers grants to help small businesses in the tourism industry? These grants are available to businesses who want to expand their services, upgrade their facilities or promote their business. Eligible businesses can apply for a grant, and the money can be used for various purposes.
If you’re a small business owner in the tourism industry, check out these grants and see if you qualify! The assistance could help you take your business to the next level.
What Are Tourism Grants, and Who is Eligible for Them?
Tourism grants are available to small businesses in the tourism industry who want to improve their business. The funding can be used for various purposes, such as expanding your services, upgrading your facilities or promoting your business.
Basic eligibility for a tourism grant may include but not limited to, your business being:
- Tax Paying Corporation: Your business must be a corporation that pays tax. This includes companies, trusts and partnerships.
- ABN and GST Registration: You must have an ABN and be registered for GST.
- Location: Your business must be located in the State/ Territory providing the grant. For example, if you’re applying for a grant in Queensland, your business must be in Queensland.
If you meet these basic eligibility criteria, you may be eligible for a tourism grant. Speak to an advisor today for more information.
How to Apply for a Tourism Grant?
Applying for a tourism grant is not as complex as you would imagine. The first step is identifying the appropriate grant that would closely match your eligibility and requirements. Thereafter it is a matter of filling out an application form, where you willl need to provide basic information about your business, such as your ABN and contact details, business financials as well as how the grant will benefit your business.
Once you’ve submitted your application, the funding body will determine your eligibility and notify you of the outcome when the assessments have been completed.
What is an ABN?
An ABN is your Australian Business Number. It’s a unique 11-digit number that identifies your business to the government. You can apply for an ABN online or through the Australian Taxation Office (ATO).
When Can You Apply for a Grant?
The timing of when you can apply for a grant varies depending on the government funding program. Some programs have continuous intake, which means you can apply for a grant anytime. Other programs have set application periods, so make sure you check the guidelines before you apply.
What Happens if Your Application is Successful?
If your application is successful, you will receive a notification from the government. The notification will include information about how much money you have been awarded and what you need to do next. You will then need to sign a contract with the government, which outlines the terms and conditions of the grant.
How to Receive the Grant Money?
If you are successful in your grant application, the money will generally be paid directly into your bank account. You can then use the money to cover the costs of expanding or promoting your business.
Different Types of Tourism Grants Available
There are various tourism grants available, depending on your needs. Some of the most popular tourism grants include:
- The Regional Tourism Infrastructure Fund: This grant is for businesses who want to upgrade their facilities or create new tourism infrastructure in regional areas.
- The Small Business Boost Grant: This grant is for small businesses that want to expand their services or promote their business.
- The Business Events Grants: This grant is for businesses who want to host events that will bring tourists to their area.
Pros and Cons of Receiving a Tourism Grant
There are both pros and cons to receiving a tourism grant.
Some of the pros include:
- You Can Use the Money For a Wide Variety Of Purposes: The great thing about these grants is that you can use the tourism funding for various purposes. Whether you want to upgrade your facilities, expand your services or promote your business, the grant money can be used to help you reach your goals.
- The Grant Money is Free: Another great thing about these grants is that the money is free! You don’t have to repay the grant, which means you can use it to grow your business without any financial burden.
Some of the cons include:
- You Might Not Qualify: One downside of these grants is that you might not qualify. The eligibility criteria can be strict, so make sure you check the requirements before you apply.
- The Application Process Can Be Time-Consuming: Another downside to these grants is that the application process can be time-consuming. You’ll need to fill out an application form and provide supporting documentation, which can take some time.
What Can You Use the Grant Money For?
The grant money can be used for a wide variety of purposes, such as:
- Expanding Your Services: If you want to expand your business, the grant money can cover the costs of new equipment, staff or premises.
- Upgrading Your Facilities: The grant money can also be used to upgrade your existing facilities, such as refurbishing your shop or upgrading your website.
- Promoting Your Business: You can use the grant money to promote your business in various ways, such as attending trade shows, advertising in local newspapers or creating a new marketing campaign.
- Training Your Staff: The grant money can be used to cover the costs of training your staff, such as first aid courses or food safety training.
- Developing New Marketing Materials: The grant money can create new marketing materials, such as a new website or brochures.
Tips for Small Business Owners When Applying for a Tourism Grant
There are a few things to keep in mind when applying for a tourism grant:
- Make Sure You Meet the Eligibility Criteria: Check the eligibility criteria before applying for a grant. If you don’t meet the requirements, your application will be rejected.
- Read the Guidelines Carefully: Each grant has different guidelines, so read them carefully before applying. This will ensure that you include all the required information in your application.
- Submit Your Application Early: Be sure to submit your application well before the deadline. This will give the government time to assess your application and decide.
- Include a Detailed Business Plan: When you apply for a grant, you’ll need to submit a business plan. This should include detailed information about your business, such as your financial situation, marketing strategy and goals.
A tourism grant may help you finance your small business in the tourism sector. The money can be utilised for various things, such as enhancing services, improving facilities, or promoting your company. But make sure you check the eligibility criteria and conditions thoroughly before applying. For more information on assistance opportunities available to your business, call us today and speak to our representatives on the number below.