The Best Government Grants For Small Businesses in Australia

Running a small business requires proper planning, staff management skills, and enough finances for stable growth and constant development in the competitive market.

Being an entrepreneur, you should secure sufficient business capital so that you can invest in creating growth strategies.  With the required financial resources, sustaining the company and maintaining the high quality of products and services can become super easy in the long run.

However, getting loans from banks and other money lending institutes in Australia can be difficult, and you can put your small business in debt. In such a case, make the most out of small business grants offered by the government to boost your company’s performance.  The Australian Office of Financial Management is also focused on ensuring that the Australian Government can meet its spending and investment obligations on time. They provide advice to the government as well.

According to the research, the Australian government offers more than 550 grants and programs for small businesses. Here is a complete guide to finding the best one that can support your entity:

1. Entrepreneur’s Programme

This is one of the most common grants offered by the government. The programme supports small entrepreneurs and helps them too get funding, mentorship and advice from trained professionals. The purpose of this grant is to encourage young and budding business owners to think out of the box and create new stories. The facilitators are experienced businesses owners who can offer practical advice on business management, marketing and development strategies.

How much financial support you get in Entrepreneur’s Programme?

It can help you provide up to $1 million of grant to potential and eligible businesses for innovation and future growth.

2. Accelerated Commercialisation

Do you want to expand your business and take products to the new markets? If yes, then discover more about this grant. Accelerated Commercialisation is the right financial platform for businesses who have witnessed loan rejection from banks and non-financial institutions. You can also consider a complete guide on small business loans if don’t want to face rejection.

This particular grant comes with two stages. In the first one, the entity is connected with trained people for advice and guidance, and in the second, they will be giving funds for commercialisation. You can take grant up to $1 million but ensure you have a proven business model for this competitive business world.

3. Export Market Development Grant

There is no denying that Australia is one of the most welcoming countries for small businesses. They are even more supportive if you wish to explore to international locations. This all happens due to the global demand of their products and services. The best part is  that you can access this grant for 8 financial years.

If you are eligible for this grant, you can access up to $90,000. Make sure the turnover in the previous financial year is less than $20 million.

4. Research and Development Tax Incentive

If you want to reduce the research and development expenses via a tax offset, then take advantage of the tax incentive. Businesses in Australia involved in R&D with a turnover below $20 million can get a 43.5 per cent refundable tax offset. If you have more than $20 million turnover, you can get a 38.5 per cent non-refundable tax offset.

5. CSIRO Kick-Start

New businesses and small business entrepreneurs can get desired funding to take benefits of CSIRO’s research expertise and potentials to grow the business. The matched financial support ranges from $10,000 – $50,000. If you are researching new products or have profitable small business ideas in Australia, this is an ideal government grant for you.

6. Australian Landing Pad

Technology-driven small business that want to expand into global world can access this programme. The landing pads are available in the renowned international markets, such as Singapore, New York, London, san Francisco, Shanghai, Bengaluru, etc. Tech-based businesses that wish to enter these countries can leverage professional advice and connections to develop and grow in the global markets.

Conclusion

Whether you are starting a business from scratch or planning to expand your small business, government grants and professional assistance can help you establish in the domestic and global marketplace with ease. The best part is that accessing these financial support is easier than getting a business loan in Australia. You can also check out The Brix for small business advice and management tips for the smooth running of your entity.