Starting and running a small business in Australia can be both rewarding and challenging. One way to alleviate some financial pressure and boost growth is by taking advantage of grants specifically designed to support small businesses. Grants Assist reviews the top ten grants available for small businesses in Australia, including how to apply for them.
Small Business Digital Grants Program
The Small Business Digital Grants Program is designed to assist small businesses in Queensland with up to $10,000 in funding to purchase hardware, software, and services such as digital coaching.
Eligible businesses can apply online by providing details about their business, a proposal for how the grant will be used, and a quote for the costs involved. Applications are typically open biannually.
Entrepreneurs’ Programme
The Entrepreneurs’ Programme offers support to businesses through advice, networking, and funding. It aims to improve business capabilities and competitiveness with grants of up to $20,000.
Applications can be submitted online through the business.gov.au portal. Businesses need to demonstrate how the funding will be used to improve their business practices.
Business Growth Fund Program
The Business Growth Fund Program provides Queensland businesses with up to $50,000 to purchase specialized equipment or services to help them grow and expand.
Businesses must submit an online application detailing their growth strategy and how the funds will be utilized to achieve their objectives. Applications are reviewed periodically.
Export Market Development Grants (EMDG)
The EMDG scheme supports Australian businesses seeking to develop export markets by reimbursing up to 50% of eligible export promotion expenses, with a maximum grant of $150,000.
Applications are submitted through Austrade’s online portal. Businesses must provide detailed records of their export promotion activities and expenses.
Research and Development (R&D) Tax Incentive
The R&D Tax Incentive encourages businesses to invest in research and development by offering tax offsets for eligible R&D activities. The incentive can significantly reduce the cost of innovative projects.
Businesses must register their R&D activities with AusIndustry and then claim the tax offset through their company tax return. Detailed records of R&D activities and expenditures are required.
New Enterprise Incentive Scheme (NEIS)
NEIS provides training and mentoring to help individuals start their own small business. Participants may also receive income support while establishing their business.
Interested individuals can apply through their local NEIS provider. The application involves a business idea assessment and an interview to determine eligibility.
Accelerating Commercialisation
Part of the Entrepreneurs’ Programme, Accelerating Commercialisation provides grants of up to $1 million to help businesses bring novel products, processes, and services to market.
Applications are also submitted through the business.gov.au portal. Businesses need to demonstrate the commercial potential of their innovation and provide a detailed project plan.
Small Business Innovation Research for Defence (SBIRD)
SBIRD offers funding to small businesses developing innovative solutions for Defence. Grants of up to $100,000 are available for feasibility studies and up to $1 million for development projects.
Businesses must respond to Defence Innovation Hub calls for proposals. Applications are reviewed based on their innovation potential and alignment with Defence needs.
Victoria’s Small Business Digital Adaptation Program
This program provides up to $1,200 to help small businesses in Victoria adapt to digital technology. The grant can be used for digital tools, training, and software subscriptions.
Businesses must register and select digital products from approved suppliers. After purchasing the products, they can apply for reimbursement through the program’s online portal.
Regional Jobs and Infrastructure Fund (RJIF)
The RJIF aims to support economic growth in regional Victoria by funding projects that create jobs, improve infrastructure, and support business development. Grants vary depending on the project scope.
Applications are submitted through the Regional Development Victoria website. Businesses must provide detailed project proposals, including expected economic benefits and job creation.
Conclusion
Navigating the array of grants available for small businesses in Australia can be daunting, but the potential benefits make it worth the effort. Each grant has specific eligibility criteria and application processes, so it’s crucial to thoroughly research and prepare your application to increase your chances of success. By leveraging these grants, small businesses can access vital funding to support their growth and innovation efforts, ensuring long-term sustainability and competitiveness in the market.
Taking advantage of the available resources and understanding the application process can significantly enhance a small business’s potential for growth and success. Whether it’s for digital transformation, export development, or innovative projects, these grants provide valuable support to help businesses thrive in Australia’s dynamic economic landscape.