Tourism Industry Grants
The tourism sector is one of the largest revenue generators for the Australian economy. The tourism industry on average contributes over $41 billion to the national economy. This is why it is critical that the Australian Government ensures the growth and profitability of businesses operating within the tourism sector.
Other merits of the tourism industry are promoting Australian social and cultural values to international visitors, protecting heritage sites, natural and built environments that are tourist attractions and retaining a large number of residents in the workforce. In this section, we will discuss some of the grants available to SMEs operating in the tourism industry and how to avail them.
Most of the Australian States rely a lot on the income generated by the tourism sector and hence, have put in place numerous programs and grants that encourage this industry. One such grant provides funding of up to $200,000 per year (up to 3 years) to SMEs that provide advisory services to small tourism companies. To be eligible for this grant, businesses must:
- be a corporation that pays tax
- have an ABN and be registered for GST
- be a not-for-profit organisation
- be located in the state providing the grant
Grants for Tourism sector
Another grant that is available to SMEs in the tourism industry provides interest-free loans of up to $100,000. The loans are aimed at supporting the region and creating new employment opportunities to the local residents. There is no need for repayments within the first 2 years of loan approval. However, payment in full is expected within 5 years. To be eligible for this grant, businesses must:
- be a new or existing tourism-based firm
- be able to start functioning within 6 months of loan approval
- be able to create employment in the region
Another grant that is available to SMEs, event managers and individuals in this sector provides funding in excess of $50,000 to create and run events locally which are capable of attracting more tourists, both local and international. The main intention behind this grant is to create visibility to the region by attracting enough media coverage and to add some vibrancy to the community. To be able to apply for this grant, businesses must be:
- an individual owned or organisation capable of conducting medium to large public events
- submitting their applications at least 12 months prior to the date of the event
Apart from financial grants, many states provide assistance in the form of incentives, business advisory services, startup packages, and subsidies. If you are a business owner of an SME in the tourism sector and would like to know more about the various grants available, particularly grants pertaining to your state along with their eligibility criteria, speak to one of our consultants on 1300-005-999.
