Grants for Retail Sector
It is critical that business owners operating in the retail sector pay special attention to maintaining a business model that is resilient enough to wade through the current economic downturn. Failure in the retail sector can further exacerbate problems in our economy by increasing unemployment rates, laying more pressure on welfare resources and limiting consumer choices or alternatives. Australian retail business owners also have to compete on an international level with the mass adoption of online shopping.
The Australian government recognises these challenges and has devised solutions to combat them by the means of retail grants and assistance programs. In this section, we will discuss the various grants, small and medium retail business owners and their eligibility criteria.
Retail Grants
One of the grants funded by the Federal government in this category provides SMEs with a matched funding up to $50,000 to hire research experts to assist them to grow their businesses. In order to be eligible for this grant:
- Businesses must have an Australian Company Number and should be registered for GST.
- The turnover should be less than $1.5 million in the year of application as well as two years before that.
- Businesses should be relatively new and not be registered for more than 3 years.
Certain states are helping SMEs in the retail, building, tourism, hospitality, manufacturing and construction sectors by providing them with incentives when they employ a new worker. Under this grant, business owners can claim up to $5,000 for each new trainee/apprentice/worker they have employed. To be eligible, the business must be:
- in the list of nominated business sectors
- must not be liable for payroll tax
- must be located in the state where the application is lodged
Grants for Wineries
Some states have grants that are specifically designed for wine retailers. One such grant allows SMEs in the wine retail sector to claim for eligible cellar door sales. It provides the wine producers who add value to the wine regions by attracting more visitors with a funding of up to $100,000. To be eligible for this grant, businesses must:
- be located in the state providing the grant
- be a wine producer
- have made more than $1,207,000 in wine sales
- own or lease a physical cellar door
- have an ABN
- have a valid license for selling liquor
Above mentioned are few examples of grants that are available to retail business owners to improve profitability, educate themselves via leadership programs, identifying areas where overheads can be reduced and more. If you are a business owner operating in the retail segment, some of these assistance programs may be of interest to you.
