A government grant can make all the difference when getting a new business off the ground. From the types of grants available to how you can apply, here’s all you need to know.
Lack of sufficient capital can be stressful for even the most fastidious business owners, but by securing a small business grant your business could prosper. The government offers numerous grants across a broad spectrum of categories. Here we break down the key information.
Why get a business grant?
Taking advantage of the financial support available to you just makes good business sense. There are hundreds of grants provided to small businesses in Australia every year from federal, state and local governments, worth billions of dollars. All you have to do is apply to get yours.
Forms of assistance
Grants can be anything from $500 to $2 million, depending on the size and scope of your business. Some other common forms of financial assistance include:
- Low interest business loans
- Education training and development support
Types of grants
Government grants fall into different categories and are mostly based on the activities businesses are engaged in. Some major categories include:
Start-up grants – Start-ups will benefit from grants under the Entrepreneur’s Programme. The Business Growth Grant involves a business evaluation by the government that can lead to financial assistance in a variety of forms.
Employment and training – You can apply to be paid to employ an apprentice through the Australian Apprenticeships Incentives Programme (AAIP). There are also grants available through the Restart Program for hiring mature-age workers and through JobAccess for hiring employees with a disability.
Commercialising a product – If you are bringing a new product to market you might be eligible for an Accelerating Commercialisation Grant.
Research and development - The Research and Development Tax Incentive provides a tax offset to encourage research and development.
How to successfully secure your grant
Consider these tips when submitting your application:
1) Only apply for what you need – Applying can be a significant investment of your time and involve lots of paperwork and proof of your business activity.
2) Consider your business activities – Do your research to find out in which areas your business may be eligible for a grant.
3) Have a grant strategy – Develop a timeline or calendar for receiving your grant. Map out how you can best utilise the funding to achieve your business goals.
4) Use a professional grant writer – These individuals have experience in application writing, saving you time and increasing your chances of success.
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