The Best Small Business Grants In Australia

Every business needs a little push to move ahead. Whether it requires talented staff members or wishes to diversify its product line, money is needed to maintain the growth momentum.

Sufficient business capital ensures that the entity can invest in growth opportunities and keep progressing in the highly competitive marketplace. With the required funds, it can become easier to sustain the venture and maintain the quality of its products and services.

However, securing financing from banks and moneylenders is difficult and can put your entity in serious debt. It makes more sense to take advantage of the small business grants that can boost your entity's performance. There are 558 grants and programs in Australia available to small businesses. Let us understand how they can be helpful.

What Is A Small Business Grant?

The state and territory governments in the country offer various grants to start-ups and small and medium-sized businesses for growth. Typically, they are offered for a project that requires funding or support through mentoring, sponsorship, rebate, tax benefits, etc. For example, if you purchase a business for sale Sydney, you can check the grants that can be secured in NSW or opt for the ones that are offered by the Federal Government. The latter are available throughout the country. So, let us list the best small business grants in Australia right now.

Best Government Grants for Small Businesses in Australia

1. Entrepreneur’s Programme

The programme helps entrepreneurs to get funding, advice and mentorship from a team of expert facilitators to achieve business goals. The facilitators are seasoned and veteran business owners who can offer objective advice on every aspect of business development. The programme can provide up to $1 million to eligible businesses for growth and innovation

2. Research and Development Tax Incentive

The tax incentive allows businesses to reduce the expense of research and development through a tax offset. Businesses involved in R&D with an aggregated turnover below $20 million get a 43.5% refundable tax offset, and those with more than $20 million get a 38.5% non-refundable tax offset. Thus, businesses wishing to grow through research and development investment can leverage this incentive.

3. Accelerated Commercialisation

Businesses that want to scale up and take their products to new markets can take advantage of this grant. It is the perfect financing platform for those who have faced business loan rejection from banks and financial institutions. It has two stages. In the first stage, the business is connected with a business expert for advice, and in the second, they can access funds for commercialisation. The grant can go up to $1 million if an eligible business intends to commercialise a novel product or service.

4. Australian Landing Pad

Technology-based businesses that wish to expand into global markets can leverage this programme. The landing pads are present in the most prolific international markets, such as New York, Singapore, London, Shanghai, San Francisco, Bengaluru, and Tel Aviv. Tech businesses that want to enter these countries and are export-revenue positive can make use of the advice and connections to establish themselves in the global markets.

5. Export Market Development Grant

Small businesses operating successfully in Australia and wishing to export to international locations because of the global demand for their products can use this grant. These grants can be accessed for eight financial years, ranging from $10,000 to $90,000. To be eligible for an export market development grant, the turnover of the business in the previous financial year should be less than $20 million.

6. CSIRO Kick-Start

Start-ups and SMEs get matched funding to leverage CSIRO's research expertise and capabilities to expand the business. The matched funding ranges between $10,000 and $50,000. It is an ideal financing source for researching a new idea or developing or testing a new product.

7. Innovation Connections

It is yet another funding program for conducting research projects with commercial potential. It again involves two stages. In the first stage, a facilitator is connected with the business and in the second, funding is granted for researcher placement.

State-Wise Grants for Small Businesses

1. Victoria

Digital Jobs for Manufacturing Program offers grants of up to $5000 to businesses that wish to enhance the digital skill-set of their teams. The Ready for Growth initiative aims to support one thousand businesses that wish to enter new markets. The Early Stage Venture Capital Limited Partnerships (ESVCLP) is a platform for receiving investment for venture capitalists.

2. Queensland

The Business Basics Grants Program helps small businesses in the state to improve their skills and follow industry best practices for growth. It includes an upfront fixed payment of $5,000.

3. South Australia

The South Australian Government offers the Research and Innovation Fund to help businesses take their ideas to the marketplace. They also have the Seed-Start program for start-ups with high growth potential and the SA Venture Capital Fund to help businesses scale up.

4. Western Australia

The Western Australia Government has several business assistance programs including Clean Energy Future Fund, Access Asia Business Grants, Exploration Incentive Scheme, Local Capability Fund, New Industries Fund, etc.

5. Australian Capital Territory

The ACT Government offers grants to foster female entrepreneurs and businesses that support women’s rights. They also provide funding to Aboriginal and Torres Strait Islander people for leadership training.

6. New South Wales

The tech start-ups can use the Minimum Viable Product (MVP) grant of up to $25,000. In addition, regional start-ups can access a stipend for their travel costs through the Local Innovation Network. Thus, if you have purchased a business for sale in Sydney, you can check out other such grants offered in the state.

7. Tasmania

Tasmania offers a No Interest Micro-Business Loan Scheme that provides up to $3000 to start-ups. The Skilling Australia’s Defence Industry Grants Program provides access to funding between $5000 and $500,000 for defence skills training activities. Other such grants include Tasmanian Space Technology Seed Fund.

8. Northern Territory

The Northern Territory government offers the Business Growth Program that allows businesses to get funding for the improvement of their performance and profitability. The program also includes mentoring and coaching support for businesses.

Conclusion

Whether you have a start-up or a small business, government grants and assistance can help in expansion and growth without creating any financial burden on the entity. Also, accessing these funds is easier than getting a business loan.