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Since the wake of the Covid-19 pandemic, both the Australian government and NSW state government have availed various grants to support small businesses through the pandemic and among the Covid-19 restrictions. The grants are mainly monetary, and some are training-based.
These grants are available for a wide range of industries, levels of operation, and gender. For instance, there are small business NSW grants for women, product development, start-ups, and skill development. Others facilitate financial counselling for business owners, while others provide rebates on government-related fees.
This article will discuss the various types of NSW small business grants and how to qualify.
COVID-Related Small Business Grants in NSW
The NSW state government and Australian government offer over 25 COVID-related grants for small businesses in NSW. Below is an overview of a few that are still open for application. Visit the respective grant page for more details on eligibility criteria and application procedure.
Northern Beaches Small Business Hardship Grant
This is a government grant for small businesses on the Northern Beaches that are facing hardships due to COVID-19. Small businesses that qualify are eligible for $3,000 or $5,000. To be eligible, you must demonstrate that your business suffered at least a 30% decline in turnover due to the Northern Beaches lockdown.
This government grant is designed to help a small business owner cover unavoidable expenses that the government does not offer support for. Such expenses include rent, utilities, legal advice.
Small Business Fees and Charges Rebate
Since April 2021, the NSW government now offers small businesses rebates worth $1500 to help them pay government fees and charges.
Small and Medium Enterprise (SME) Guarantee Scheme
The Australian government is offering a 50% guarantee on business loans for eligible SMEs affected by COVID-19. The maximum loan value is $250,000. Businesses that qualify for this grant will also enjoy a six-month repayment-free period.
Aboriginal Community Organisations Grants Program
Aboriginal Community Controlled Organisations (ACCOs), which provide support to Aboriginal communities thatCOVID-19 has impacted, can access grants up to a value of $50,000.
ACCOs that are eligible for this program provides support to communities in the form of education, employment, mental health, community well-being, and supplies. Applications for this grant close on Friday 14, May 2021, at 5 p.m.
Expert Assistance Grant
The Export Assistance Grant is available to NSW businesses that have been impacted by disasters such as COVID-19, drought, and bushfires to help them enter new global markets or re-access old ones. Eligible businesses can get up to $10,000 or 50% reimbursement uncertain export-related expenses such as eCommerce and marketing.
Travel Support Program
This grant program aims to offer financial support to travel and tour service providers who have lost income due to COVID-19. The one-off grant is provided by the Australian government and ranges between $1500 and $100,000.
The funds should be used to help the business keep trading and to meet a legal obligation to refund Australian consumers. For a business to be eligible, it must have had a GST turnover of $50,000 to $20 million in 2019.
Personal Protective Equipment (PPE) Manufacturing Grants Scheme
The NSW government put aside $5 million to facilitate local production of PPE. Eligible NSW-based manufactures must demonstrate the ability to increase or repurpose the production of PPE.
Support for Injured Workers
The State Insurance Regulatory Authority (SIRA) offers a wide range of support to injured workers to help them return to work. The support includes financial incentives to employers and employees
Financial Counselling for Small Businesses in Regional Areas
The Australian government has set aside $4.7 million to provide small businesses located in different regions with confidential and free financial counselling. The advice and assistance aim to help small businesses stay afloat and navigate the challenging times as they recover from the effects of the COVID 19 shutdown. You can call 1300 771 741 to register your business for financial counselling services.
Live Music Support Package Funding
This fund is targeted at businesses that operate a live music venue to help them overcome COVID-related financial hardships. Businesses that qualify should use the grant to meet the operational costs associated with running the live music venue. Application for the grant opens on Tuesday 6 April up to Monday 19 April 2021.
Job Plus Program
This is a long-term grant aimed at increasing job opportunities in NSW. The program offers financial support to Australian and International businesses that want to set up or expand their NSW operations. It should help such businesses meet their operational costs and lower the risk of running an NSW business.
For a business to be eligible for the program, it must currently employ at least 20 workers within Australia and at least 80 workers overseas. Businesses that enter the program must create a minimum of 30 new full-time jobs in NSW by 30 June 2024.
Superannuation Access for Sole Traders
This grant is aimed at sole traders whose income has been negatively impacted by COVID-19. Eligible sole traders must have suffered an income decrease of at least 20%. Those that qualify will access superannuation of $10,000 in the current year and another $10,000 in the next financial year.
How to Qualify for an NSW Small Business Grant
Each NSW small business grant has eligibility criteria. Review the eligibility requirements for the various grants to identify those that you qualify for. Then, submit your application, ensuring that you follow the instructions carefully. Provide all the required documents and information to facilitate the grant’s prequalification process and disbursement on time.
Conclusion
If you suffered huge financial loss due to COVID-19, the NSW state government and the Australian government have grants and loan programs to help you stay afloat. Visit the NSW COVID-19 help for small business and Business and Employment Grants and Loans for a comprehensive list of the available small business grant opportunities in NWS. Identify the ones that you are eligible for and apply. Also, make use of the available training to help your business recover.
