Grants and assistance available to Startup Businesses
Most startup businesses generally struggle with having access to sufficient funding as financial institutions and investment partners are hard to secure without a trading history or large capital contribution.
The good news however, is that there are various support systems available to startup businesses in the form of government startup grants and assistance programs. These programs are aimed at supporting startup businesses with the tools and resources fundamental to running a business successfully. In this section, we will discuss some of the grants that are available for the startups and their eligibility criteria.
Technology Startups
There are also certain grants funded by the state governments which are exclusively intended for the startups involving new technologies. As a part of this grant, new businesses can claim a matched funding of up to $25,000 to conduct relevant research and test their new business models. To be able to apply for this grant, businesses must:
- have an ABN
- must operate in the state providing the grant
- have proper proof of the intended project’s concept
- have the rights to market the end product
- have a potential customer or channel to conduct the business
- spend 80% of the estimated costs in the state providing the grant
- have proof of matched funding
Business Advisory – Startup Grants
Some states provide grants for the owners of SMEs conducting business advisory services. Such incubators can claim up to $500,000 for helping new Australian startups with expert advice and helping them expand into international markets. To eligible for this grant, businesses must:
- have an ABN
- be an existing advisory firm or a startup that can help businesses to succeed in the international market
- be incorporated in Australia, or
- be an incorporated not-for-profit organisation, or
- be a research organisation which is publicly funded, or
- a local government agency
New Business Owners
For professionals who are not a part of any accredited training program and not undergoing coaching or mentoring for any small businesses, the Australian Government provides certain allowances (for up to 39 weeks) as well as support to start their own business. The amount of the grant one may receive will depend on the kind of profession they are in. To be able to apply for this grant, a person must:
- be over 18 years of age,
- have an Australian work permit and
- be prepared to take NEIS training (if required)
- not be a tourist or overseas student
- have participated in the NEIS training in the last year
- not be a bankrupt
The Australian government recognises the potential for startup businesses to contribute to the growth of our economy by generating revenue and creating more job opportunities in the region.
If you are a Startup business seeking assistance to get your business off the ground, explore assistance options that are available to you. Speak to our advisors for more information on getting started.
