The Australian government understands the importance of retail businesses in supporting and boosting the economy of the country. In a time when Covid19 pandemic is wrecking havoc on many retail businesses, government is trying its best to provide help and support in the form of grants. Any failure of retail sector can create massive unemployment, leading to pressure on welfare schemes and resources of the government.
Accelerating Commercialisation Grant
This is a federal government grant that aims to help small businesses by making them more competitive and productive. Under this program, financial assistance of up to $500,000 is given to eligible businesses in the form of 50% of expenditure. Expert advice is also included in this grant to make it possible for the business to introduce a novel product or service to a larger audience or market.
- There must be a novel product or service that can be commercialised in Australia and global markets
- The business must be registered under GST and be non tax exempt
- Businesses must match the funding requirement of at least 50% of the grant amount
- The business must meet the required turnover
Export Market Development Grant
This grant from the federal government is especially aimed at helping small businesses that are export ready. EMDG grant encourages eligible businesses to spend money on their marketing so they the get global exposure and increase their international sales. Under this scheme, any eligible business can get up to 50% of the expenditure on marketing and promotion (capped at $150,000). The scheme is open from 1 July 2020 to 30 November 2020.
- Your business must be set up in Australia
- It must be exporting goods or services
- The annual income from the business must be less than $50 million per annum
- You must have spent at least $15,000 on export promotion activities
Incubator support is a scheme launched by the federal government to identity and support start ups across the country. These incubators provide fund to small businesses so that they can take their businesses to international markets. Incubator Support provides funding from $13,000 to $250,000 to eligible incubators. Using these funds, incubators can
- Provide services to start ups to increase their chances of success
- Help businesses in their effort to grow and expand
Incubator Support is actually a part of the bigger Entrepreneurs Program introduced by the government to help retail businesses.
Biomedical Translation Fund
This grant was set up by the federal government in 2016 with a fund of $250 million. Businesses that are developing and trying to commercialise biomedical equipment and technologies are eligible for a funding under this scheme. BTF scheme is advantageous to any business operating in the biomedical technology sector.
- Your business must be involved with biomedical field
- Most of your assets and employees must be in Australia
- You must utilise the initial investment in Australia
- Annual revenue of business must be less than $25 million
- Business must be registered as a company in Australia
Please contact one of our advisors at the number mentioned below to know more about retail business grants being provided the Australian Federal and state governments.