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If you are an Australian-based small business owner searching for some financial help to make your business flourish and grow, this article is a comprehensive guide for you.
The article will help you immensely to know about the opportunities of funding and range of grants for small businesses in Australia. From industry-specific grants and federal programs. You will learn everything from this blog on small business grants for startups about how you can apply for these grants and the support available to them. Let us explore the article and proceed forward.
In a simple word, business grants are provided by a few organizations in the form of investors. They are also called program grants that are offered by the government, and they can start at 10,000 AUD (Australian dollars). Though the application for these grants is very time-consuming, it acts like a pathbreaker for your company, making it a valuable investment.
Australia has various types of grants that are available for small businesses, including those that are provided by NGOs (non-governmental organizations), the federal government, state governments, and private businesses. But before you dive into applying for a grant to start a business, you should also know that there are some eligibility criteria to fulfil. Being a small business owner is not enough. To qualify for a grant, you must follow the criteria mentioned below:
Keep these criteria in mind and follow the following grant opportunities:
So, now you know all about the small business grants and their eligibility criteria. Let us look at the federal government’s opportunities.
The Australian Apprenticeship Incentives Program (AAIP) is another opportunity from the federal grants providing financial support for apprentice training. This program aims to encourage the retention and commencement of the Apprenticeship of Australia in occupations that are prioritized, like:
By providing various payments for incentives, AAIP may facilitate the development and training of the Australian workforce.
Another opportunity for a federal grant that provides opportunities for R&D (research and development) projects is the CSIRO Kick-Start Grant. The grant offers funding that is distributed in two rounds annually, and it can help cover about 50% of your R&D project.
To fulfil the eligibility of this grant, you should have at least three years of trading experience and an annual turnover of 1.5 million AUD. Your business is ready to get registered for Goods and Service Tax (GST) and ICN/ACN. Empowerment of Small Business Ventures in WA.
There are many state- or territory-specific grants available along with federal grants. They are available in different regions of Australia. These grants can help provide more local funding sources tailored to the specific needs of businesses in each territory.
The program for a business grant offered by the government of New South Wales (NSW) provides resources and support to the small business owners of the state. To be eligible for this grant, your business must be based in the state and have fewer than 20 workers or employees.
Ready for Growth is a grant program in Victoria, Australia, to help businesses rank highly, get access to new markets, and expand their businesses in the market. It is kind of a joint venture project between BDO Australia and Business Victoria.
Businesses that are eligible for this grant must fulfil a few criteria. They should have business operations in Australia for more than three years, have an annual revenue of less than 20 million AUD, have valid WEN and ABN, and have employees between four and two hundred. The expression of interest in this program will be accepted either when capacity is reached or until June 1, 2024.
It is another grant opportunity that is state-specific, supporting small businesses in the state. Financial assistance is provided by this program in the following fields:
The eligibility requirements for this grant are:
The Business Growth Plan is a business funding opportunity for business owners in the Northern Territory (NT). It helps with the professionals’ services, helping to amplify sustainability, profitability, and performance. This program also supports digital marketing assistance for businesses eligible for NT. To be eligible for this grant, you must have your business registered in NT, have less than 20 employees, and have a turnover of less than 2 million AUD.
For businesses in South Australia (SA), this grant is an important part of the small business strategy of the state. The strategy is designed in such a way that it can help provide all the necessary encouragement and assistance. With the help of this grant, business owners can adapt, flourish, and expand their businesses.
Western Australia (WA) also offers a program that helps the small businesses and startups of the state improve the commercialization of their innovative projects and ideas. The eligibility criteria of this grant are:
In Tasmania (TAS), the grant is provided to enhance loans and grants to individuals and businesses in the state by the Department of State Growth. It supports sectoral and professional development. The eligibility requirements of this grant are that the project should be related to the grant and have a project or business in Tasmania.
Along with the federal and territory grants, there is another type of grant: industry-focused grants. These grants help the following industries:
Creative businesses that are in the culture and art sectors can also avail of certain benefits through many opportunities, such as funding and grants. These grants provide financial help for projects that promote artistic expression, community engagement, cultural development, job creation, and community engagement.
For startups in innovation and technology, there are numerous funds available to help your business move forward. These grants are created so that they support customer growth, innovation, and industry research.
Small businesses in the hospitality and tourism sectors can also benefit from various funding opportunities and grants that are specifically created for their industries. Financial assistance is provided to businesses with the help of this grant that has local tourism and supports the hospitality and tourism sectors’ growth.
Rural business owners in the agribusiness and agriculture sectors have access to a wealth of funding opportunities and grants supporting their exclusive needs. These grants can provide financial help for projects promoting an improved rural economy, supportable farming practices, and the development of new technologies in agriculture.
Businesses that are in the manufacturing and export sectors can also get financial help from this grant if their projects promote enhanced competitiveness globally, promote export growth, and support the development of new technologies.
Biotechnology and healthcare startups can also access a wide range of grants and funds to provide financial support for innovative projects relating to developing new treatments and advanced medical research with new outcomes for patients.
Business owners who are environment-focused can avail of benefits that support sustainable practices and initiatives related to the environment and greenery. These grants can provide financial help to projects that help reduce the emission of carbon, promote the conservation of the environment, and support the development of technologies related to clean energy.
Since you are familiar with various Australian grant opportunities, it is your duty now to apply for them. You might need some additional documents while applying, like a balance sheet, a profit and loss statement, a cash flow statement, aging reports, and tax returns. You also need a well-executed proposal for your grant that will help secure funding for your business. You can also get help from an expert like us, Sunrise Technologies, to apply for any of the grants to open a business. As a top service provider of app development in Australia, we will help you to apply the grant that will suit your business and its needs. When you partner with us, we will help you with the entire process of mobile app development as well as grant application.
Sam is a chartered professional engineer with over 15 years of extensive experience in the software technology space. Over the years, Sam has held the position of Chief Technology Consultant for tech companies both in Australia and abroad before establishing his own software consulting firm in Sydney, Australia. In his current role, he manages a large team of developers and engineers across Australia and internationally, dedicated to delivering the best in software technology.
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