Published on 20/02/2020 by Any Business.Com.Au

How do I apply for a government grant?

Business grants are available at the national, state and local council level for businesses that meet the government's growth criteria.

State-level grants are usually available for businesses that meet the State's development agenda. This could include regional development, a focus on a particular industry, job creation or to fund research in a particular subject.

Though rare, Federal grants are available for businesses that meet national growth requirements – for example, support for International trade, commercialisation of an innovative product, the progress of a minority ethnic group or start-up incubators.

Federal Grants

One of the Federal Grants available to SMEs in the field of exports provides them with up to 50% reimbursement on promotions aimed at international markets. As a part of this grant, SMEs can claim up to $150,000 in promotional costs. To be able to eligible for this grant, businesses must:

• Have a turnover of less $50 million
• Not be agents, but the principal in the product being exported
• Export the products to international markets

Promotional costs may include an overseas promotion, marketing, seminars, advertising campaigns, etc. Funding provided under this grant will cover up to 50% of promotional costs incurred for expenditure above $5,000 and up to a maximum of $150,000.

State Grants

One of the state-funded business grants provides SMEs with up to $30,000 for starting a new business and exploring new market avenues. To be able to apply, businesses must:

• Be located in the region indicated by the local government
• Have an ABN
• have no more than 20 employees
• have a legal business plan
• have the potential to create new employment opportunities and develop business investments in the indicated region
• innovate at least one new product or service (applies to businesses seeking to expand)

Some states provide small to medium enterprises with up to $2,000 for hiring a new employee. To be able to apply for this grant, businesses must:

• have an ABN
• not be required to pay any payroll tax for an employee during the first year of his/her employment
• be hiring for full-time employment

Apart from the above mentioned Federal and State-funded grants, the Australian government also provides businesses with assistance to secure loans and free mentoring programs.

If you are a business owner on the lookout to develop your business and wish to know more about the various grants available in your sector and state along with their eligibility criteria go to business.gov.au

How do I apply for a small business grant?

Would you like to secure a grant to grow your business? The Australian government distributes millions of dollars to eligible companies every year. However, the application process is highly competitive – requiring solid research and a strong business strategy to succeed.

Check out our tips for giving your application the best chance of success.

Apply for the right grant

With a variety of grant programs out there, you need to make sure you select the one that is best suited for your business. The grants portal is highly comprehensive and all programs are categorised making it easier for you to identify potential funding. Ensure you read the guidelines carefully to check that you meet all the funding criteria. Research the financing department to fully understand their motivations behind the grant. The more aligned your business is with their funding objectives, the greater are your chances of success.

Make sure you are eligible

You do not want to spend all that time and energy on a grant process only to discover that you failed to meet a critical requirement. For example, most grants require you to have a business plan. It is good to have such necessary resources in place before starting the application. Similarly, you must ensure that you can meet all application deadlines to improve your chances of success.

Research and collate relevant information

Demonstrating evidence-backed credibility will go a long way in making your application successful. Grant applications will generally require detailed information about annual reports, strategic plans, project management processes and other operational details. Information about key personnel, their experience and relevant expertise will also be expected. It is a good idea to support all your answers with hard data. Spend some time gathering and preparing all relevant data in easy-to-read formats.

Separate yourself from the rest

With hundreds of applications out there, you need to find out what gives your business the edge. Remember that you have to sell your project in the introduction itself. Highlight key features of your business and bring out why you should get the funding over everyone else. Avoiding technical jargon and try to get your message across in a friendly, no-nonsense manner.

What else can I do?

There are many free or low-cost resources available to advise and guide you on a range of business matters. Whether you're just starting out or want to expand your business, it's always a good idea to extend your business support network.

Business advice

AusIndustry has a national network of regional managers providing advice and assistance to businesses across regional Australia. Regional managers link businesses to relevant assistance programs and work with experts providing advice tailored to the profile and needs of your business.

Mentoring

A mentor is someone with extensive business experience and knowledge who can advise and guide you on a range of business matters. Mentoring can happen in person or in a group environment.

Business events

Small business workshops and seminars run regularly in most areas of Australia. They deal with issues such as planning, marketing, financial management, innovation, employing staff and exporting.

You may also find it useful to attend networking events to help expand your business. By engaging in networks, you can keep up to date on industry and local information, promote your business and learn key skills from other businesses.

AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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