Business grants are available at the national, state and local council level for businesses that meet the government’s growth criteria. State-level grants are usually available for businesses that meet the State’s development agenda. This could be regional development, focus on a particular industry, job creation or to fund research in a particular subject. Though rare, Federal grants are available for businesses that meet national growth requirements like, support for International trade, commercialisation of an innovative product, the progress of a minority ethnic group or start-up incubators. In this article, we will discuss some of the grants available to small businesses that provide at least $20,000 or above and their eligibility criteria.
Tourism Australia – International Marketing Expertise
Sponsored by the Federal government, this program provides grants of up to $20,000 with the aim of leveraging Tourism Australia’s international marketing expertise. Its main focus is on increasing the number of foreign delegates visiting Australia to take part in various events. Simply put, the grant aims at increasing the number of international visitors for business events in Australia, and to convince international businesses’ decision makers to consider Australia for their business events.
To be eligible for funding under this grant, businesses must:
- be legal and be willing to enter into an agreement with Tourism Australia
- not have any credit default history and should be in a healthy financial condition
- fulfil all laws applicable including workplace health and safety
- exhibit a clear process and reporting methods for the activity they propose
Incubator Support Grant Victoria
Under this scheme, government provides financial support to start ups and existing companies to take their applications to global markets. Incubator Support is an ongoing program and eligible candidates can apply for this grant at any time of the year. Successful businesses can receive a financial assistance of $13,000 to $250,000 for a period of two years. Funding under this scheme covers up to 65% of the cost of the project in regional areas and up to 50% in major cities of Australia.
- Your business must have ABN
- It must be based in Australia
- Your project should have a value of at least $26,000 if it is in a major city
Business Growth Grants Australia
Another program funded by the Australian Federal government provides grants ranging from $2,500 to $20,000 for tourism industries. The total grant amount awarded under this program is not to exceed 50% of the total project costs. The main aim of the grant is to provide groups or consortium of tourism businesses in Australia with access to a business facilitator and/or an action plan to improve their competitiveness in bringing in more and more interstate and overseas tourists to Australia
In order to be able to apply for this grant, applicants must:
- have an ABN
- be registered for GST
- be a company incorporated in Australia or be an incorporated trustee
- have an annual turnover of less than $100 million
- have the intent to engage in trade with buyers to increase trading in Australian markets
- have operated in Australia for at least 3 consecutive years
To know more about the above grants and similar ones, please speak to one of our advisers at the number mentioned below.