Starting a new business is a daunting project. There are so many factors to consider, starting with the basic business idea, figuring out the functioning, thinking of all the people that will be involved, and most importantly, finances. Even when everything else falls into place, a lack of proper funding can cause major hindrances.
To help up and coming businesses, governments across the country provide various kinds of grants and funding. In this article, we have rounded up a number of grants available for small businesses in every state.
- Business Basics Grant Program
The Queensland Government has announced the Business Basics Grants Program which opened on the 4th of May 2022. This grant assists start-up companies to develop various aspects of their businesses.
It provides a single up-front payment of $5,000 and is eligible for the use of the following five purposes: training and coaching, digital services such as website creation, professional business advice, strategic marketing services, and business continuity and succession.
New South Wales
- Small business fees and charges rebate
Sole traders, small businesses, and not-for-profit organisations in NSW are eligible for a $3,000 small business fees and charges rebate.
This rebate helps businesses recover from the negative impact they have suffered due to Covid-19. It also helps in encouraging growth by reducing the cost of running the business.
- Minimum Viable Product (MVP) grants
This grant is especially for pre-revenue technology start-ups to help them with discovering potential business customers, channelling them to market, and/or to achieve market validation. It also helps them engage with a first sale, if required.
MVP grants can provide funding of up to $25,000. More details are available here.
- Small Business Digital Adaptation Program
The Small Business Digital Adaptation Program helps small businesses access various types of digital business tools in the form of $1,200 rebates. This will help the businesses upgrade their websites, improve cash flow, begin marketing online, keep better track of their stock, and so on. More details can be found here.
The closing date for applications is the 18th of July 2022.
- Ready for Growth
The Victorian government has taken up the initiative to support up to a thousand businesses with high growth potential so that they can begin accessing new markets as well as assist in job creation. Ready for Growth provides businesses with tailored advisory services by experts.
Application deadline is June 2024.
- Provides depending on the industry
The Tasmanian government provides various kinds of grants and funding options depending on the industry and the purpose for the requirement of said funding.
For example, help with the acceleration of commercialisation of novel products and services. They also provide special assistance to a small businesses that may have suffered due to the pandemic. A list of everything provided by them and further details can be found on the Tasmanian government website.
- South Australia Venture Capital Fund (SAVCF)
An initiative by the government of South Australia, this fund will assist innovative ventures to secure funding and help accelerate growth into both, national and global markets. This will further help stimulate economic activity and the creation of jobs. The SAVCF’s aim is to support start-ups and small businesses and so will not invest in companies that have assets valued at more than $250M.
This program is initiated by the Government of South Australia’s Research and Innovation Fund (RIF). Seed-Start particularly aims to provide financial support for businesses in the early stages of their journey, especially to those who have the potential for high growth. It is a competitive grant program and can provide grants of up to $500,000. More details can be found here.
- Small Business Hardship Grants
The government of Western Australia has a corporation dedicated to small business development. During the pandemic, they designed this program to provide financial support to businesses being impacted. Small businesses need to apply for this grant. All the details are available on their website.
- Other options
There are several other ways the Western Australian government assists local small businesses, including tax waivers, temporary exemptions to planning requirements, and commercial tenancy legislation changes. These options are explained in detail on their website.
- Business Growth Program
Small businesses in the Northern Territory can apply for the Business Growth Program for funding to help improve and support their business. One of the requirements is that the annual turnover of the business has to be more than $75,000 and less than $10 million. There should be at least one full-time employee, but no more than 20 full-time employees. Businesses can be granted up to $10,000.
- Grants for gender equality
The NT government is promoting female business owners in the region. Any projects aiming to increase gender equality in the Northern Territory can apply for grants for gender equality of up to $5,000. Applications will be open from July to December. The primary requirement is to show that the funds received will contribute toward a positive outcome that supports gender equality.
Australian Capital Territory
- Innovation Connect Grants
The Canberra Innovation Network has partnered with the ACT government to provide the Innovation Connect Grant program so that they can offer funding between $10,000 to $30,000 to start-ups. It aims to empower entrepreneurs to develop and grow with innovative ideas. The next round of funding is scheduled to open in August this year.