When starting up a small business, finding the money necessary in order to get your business up and running can be an overwhelming challenge. That’s where business loans and grants come in and help. Most business owners already know about business loans, but not very many know about government grants and the benefits that these have.
The Australian government supports many small businesses and startups each year financially. Because of this, there are hundreds of grants available at any given moment that are worth billions of dollars total.
Australian Government grants are great for low-income businesses or entrepreneurs who want to be able to start up their own small business or expand them without high-interest rates. This is because government grants are usually offered at a lower interest rate than private loans from banks. They can also come with incentives or benefits that can provide more support than just funding to help your business succeed.
One of the only downsides to government grants is that they tend to come with strict conditions regarding how the business owner can spend the grant money. But if you are able to find a grant that works perfectly for the purpose you’re needing then you have nothing to fear.
If you access the Australian Government website, you can find an entire list of the different types of grants that you can find and apply for if you have a small business. For the purposes of this article, we’re going to look at only a few different government grants that are made specifically for start-up businesses and small business alike.
1. While most grants are available mostly through the state government, you can find some that come from the federal level.
2. Government grants are for specific projects. Therefore, you should have a specific plan before you apply – not just a business idea.
3. There are relatively fewer grants available for starting up a business, but there are a lot that revolves around expansion, research, and development, commercializing a specific product, and so much more. So, before you become discouraged, think hard about what it is exactly you’re trying to do and try to find a grant that fits into that realm.
4. Through government grants, you can find quite a few free and low-cost business advisory services, financial and tax advice, loans, and a lot of other support. The chances are that the grants that you’re looking for have an added support system that will help your business succeed.
Now, let’s look at some small business and startup grants that are available to Australian Small Businesses.
• Small Business Program QLD: This grant provides Queensland small businesses with free work health and safety advisory services. This grant is available to small and medium businesses as long as they have an Australian Business Number and are based in Queensland.
• Cyber Security Small Business Program: This grant is given to small businesses to help them access cybersecurity testing by providers that are accredited by the Council of Ethical Security Testers Australian New Zealand.
• Efic Small Business Export Loan: This grant is available to small to medium export businesses with loans between $20,000 - $35,000 to cover most of the costs to acquire an export contract or a purchase order with an overseas buyer.
• Small Business Grant NSW: If you have a small business in NSW and you don’t pay payroll tax, then you can get this grant. It provides a payment of $2,000 for each new full-time position employed in your business
• Business Growth Grants: This grant provides business with matched funding of up to $20,000 for the cost of hiring an expert to help them integrate the advice and strategies through the Business Evaluation and Growth Services partnership programs.
• Minimum Viable Product NSW: This grant provides technology start-up businesses with funding of up to $25,000 that can be used to conduct market research and test their business model with consumers.
• Landing Pads Program: This grant provides a small business with a workspace to work in for up to 90 days in a global innovation hub. In this workspace, your business would have access to coaching, investors, customers, and so much more in order to develop your products.
• First Start Loans QLD: This loan is for primary producers and commercial fishers in Queensland with a loan of up to $2 million to start or establish their viable commercial enterprise.
• ACT Microcredit Loan Program: This grant provides low-income earners who want to start or expand their business with interest-free loans of up to $3,000, or low-interest loans of up to $10,000. These loans would be used to purchase materials and equipment that is required to grow the business.
These are only eight of the different types of small business or start-up grants that any business owner can look at in order to find funding for expansion or a new business. Plus, the Australian Government website makes it incredibly simple to search for whatever type of grant you’re looking for and tells you exactly what you need in order to apply.
After reading through this article, if you’re still unsure about what type of grant would work best for you and your business, the Australia Business Financing Centre can help you out. Their website allows you to quickly search for the type of grant you need that is available for the area your business is located in, the type of business you have, and even the industry you’re operating in.
As you can see there are lots of different government grants available. But most of them have limitations on how you can spend the funds. They also require you to jump through hoops to get approved. There is an easier way to get funding for your start up or to grow your existing business. Ebroker has a super easy to use application that helps you filter through lenders to find one that suits your business needs.