The best small business grants in Australia
For a budding Australian entrepreneur starting your own business, there is some great news: help is at hand. There is a wide range of government and non-government programs and grants that are the envy of many of your fellow prospective business owners across the globe, but applying for them and succeeding can be a lengthy process that is difficult to navigate.
So as you explore how to start a small business, let’s take a look at some of the best programs that are on offer, and how you should go about giving yourself the best chance of turning your business ideas into success.
1. Government programs
There are a wide range of government programs available, depending on the type of venture you are funding.
- ‘The Entrepreneurs’ Programme’ aims to help with productivity, business growth and competing in the marketplace, with funding of up to $1 million.
- ‘The Research & Development Tax Incentive’ is a 43.5% tax offset to inspire innovation in companies of turnover under $20 million.
- ‘Venture Capital Limited Partnerships’ offers tax benefits such as exemption from capital gains tax.
- ‘Austrade Landing Pad’ aims to help Aussie startups in innovative markets like Singapore, Germany and China.
- The ‘Export Market Development Grant’, for exporters, providing reimbursement for export promotions.
Find out more about Government grants here.
2. Bank grants
Some banks offer generous grant schemes, with the aim of getting enterprises off their feet which then pay back the community with local economic development and employment opportunities.
Existing businesses are also helped through many of these schemes with access to support networks and knowledge. Contact your local banks or visit their websites to check out what kind of grants for small business have applications open at the moment.
3. Other grant opportunities
And there are other possibilities for small business grants, too. A great catch-all destination is Business Enterprise Centres Australia, a not-for-profit organisation that can help you locate potential support, and give you some tools on how to follow the process.
The next step: Boost your chances
In total, the grants offered by government and the private sector in Australia add up to millions of dollars each year, however approval is far from an automatic process.
Successful applicants do diligent research and preparation, calculating if the time necessary and the risk of being turned down is worth the potential upside.
A grants tool has been set up to help with eligibility for government grants, but in general, applications should involve:
- Information about the business and its competitive edge
- A detailed business plan
- Clear objectives
- How the funding will specifically be used.
If you are organised and prepared by ticking the boxes, your chances of getting grants will be higher, and you will have access to funds and support for your small business sooner than you expect.
To find more information about how to prepare your business plan and other small business essentials, keep an eye on our Nationwide Blog.