Australia has a large number of small business firms which contribute a lot to the economy. Most of the SMEs and micro businesses have taken a beating financially due to the ongoing COVID-19 pandemic. Therefore, in an attempt to provide financial support and to give them the confidence to grow, both Federal and the state government have announced quite a few grants. In this article, we will discuss some of these grants announced by the local governments to help micro businesses thrive in their respective states/territories.
No Interest Micro Business Loan TAS
The No Interest Micro Business Loan provides low income individuals interest free funding to help them start or expand their businesses. Interest free loans of up to $3,000 are available under this program.
The program aims to:
- Assist you in turning a business concept into a viable proposal
- Provide information regarding fundamental compliance and other business-starting criteria
- Assist you in expanding your business
Eligibility Criteria
To be able to apply for this grant, your business must:
- Own a Health Care Card and be a Tasmanian resident
- Have a viable business plan in place
- You must have lived at your registered address for more than three months
Applications for No Interest Micro Business Loan TAS can be made at any time.
Small Business COVID-19 Adaption Grant Program QLD
Small and micro enterprises can apply for funding under the Small Business COVID-19 Adaption Grant Program, which will assist them adapt and maintain their operations. Funding of up to $10,000 is available under this program.
Funding can be used for:
- Financial, legal, or other expert advice
- Marketing and communications activities which will help grow the business
- Moving business processes online
- Development of a digital/technological approach
- Digital training or re-training
- The costs of achieving COVID-19 SAFE standards
Eligibility Criteria
To be able to apply for this grant, your business must:
- Have been forced to close or have been adversely affected by Queensland’s Chief Health Officer’s order related to Covid-19 shutdown
- Demonstrate that your company’s revenue has decreased by at least 30% over a one-month period since March 23, 2020, as a result of COVID-19’s onset
- Have had an annual turnover of more than $75,000 for the previous financial year
- Not be bankrupt or have owners/directors who have not been dismissed from bankruptcy
- Have an ABN
- Be registered for GST
- Must Have a headquarters in Queensland
2021 COVID-19 Micro-Business Grant NSW
Micro-businesses in NSW can apply for funding under 2021 COVID-19 Micro-Business Grant NSW, if their work/income has been impacted by the recent COVID-19 restrictions while they continue to incur company costs. Payments of up to $1,500 per fortnight are available under this program.
Business costs include:
- Wages and salaries
- Rent and utilities, as well as financial, legal, and other advice
- Communications and marketing
Eligibility Criteria
- For the fiscal year ending June 30, 2020, your business had an yearly turnover of between $30,000 and $75,000
- Due to the Public Health Orders, your business has experienced a 30 percent or greater drop in turnover for a minimum two week period in the Greater Sydney lockdown areas
- Your business must not have not applied for 2021 COVID-19 Business Grant or Job Saver payment
- If you are a non-employing business like a sole trader, you should prove that your business is your principal source of income
Applications for 2021 COVID-19 Micro-Business Grant NSW are open and will close on 18 October, 2021.
If you wish to learn more about the above-mentioned grants and other assistance available for micro-businesses, please contact one of our advisers on the number mentioned below.
