Australian government realises the important role played by retail businesses in boosting the economy of the country. Any slump in retail sector leads to mass scale unemployment, creating pressure on the resources meant for the welfare of the people. Government realises the problems retail sector is facing in the form of economic downturn, impact of Coronavirus related shutdowns and restrictions, and the trend of online buying like the rest of the world. To help and boost retail businesses, the Australian government has announced several grants and financial assistance programs.
Small Business Covid-19 Recovery Grant
This program aims to help small businesses and not-for-profits who have experienced a decline in turnover due to the COVID-19 pandemic meet the costs of safely reopening or scaling up operations.
Grants between $500 and $3,000 are available.
Eligible applicants include businesses and not-for-profits that must:
- Have an Australian Business Number (ABN).
- Have total Australian wages below 2019-20 payroll tax threshold of $900,000 as at 1 March 2020.
- Have fewer than 20 full-time equivalent (FTE) staff (including non-employing businesses) as at 1 March 2020.
- Have an annual turnover of more than $75,000 as at 1 March 2020.
- Have experienced a decline in turnover of at least 30% from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019.
- Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020.
Eligible activities include, but are not limited to:
- Fit-out changes and temporary physical changes
- Staff training and counselling
- Business advice and continuity planning.
- Cleaning products and additional cleaning services.
- Additional equipment necessary to comply with social distancing or other public health measures.
- Marketing, communications and advertising
- Digital solutions (for example, e-commerce or business websites).
QUTCEA Startup Fund
This fund aims to invest in high-growth, scalable businesses that are tackling global markets in the creative industries. It is designed to generate a commercial return while helping creative businesses access much-needed capital for growth. Investments between $25,000 and $150,000 are available. A total funding pool of $1.2 million is available.
Eligible applicants include companies with a focus on design, fashion, entertainment, photography, music, film and television, digital technology, games and interactive content.
Many of the companies QUTCEA have considered for investment could be viewed as ‘tech startups’ by other investors, and they are very open to co-investing with mainstream early-stage investors including angels and venture capital funds.
Above mentioned are only some of the grants provided for retail businesses in Australia. To know more about such grants and to find out if you are eligible for one of them, please speak to one of our advisors at the below mentioned number.