Creating cash flow opportunities to build your business can be a challenge for businesses starting…
The Top Five Grants for Australian Small Businesses
Looking for financial support to scale your Small Business in Australia?
There are many business grants available for startups and Small Businesses in Australia. Every year the Australian government approves hundreds of grants to support Small Businesses.
Here are the top five business grants that you need to know about for additional financial support:
1. Export Market Development Grant (EMDG).
If your business has carried out any export marketing activities in the previous year, then you may be eligible for this grant if you apply for reimbursement of expenses incurred. This includes promotional activities like attending and participating in tradeshows outside your country. With this grant scheme (which has been running for four decades), you can get reimbursed for up to 50% of your expenses over $15,000.
2. Minimum viable product (NSW).
Wondering what a minimum viable product (MVP) is? It is the bare minimum version of a product with standard features that a company can use to test the market’s reaction before undergoing full-fledged development.
Steve Blank explains the concept well in his video, The Lean Approach: Minimum Viable Products, to help Small Businesses like yours understand why you need a minimum viable product and how can you go about testing it. In a nutshell, the primary aim with this lean approach to testing is to validate your assumptions and find out if the problem you think people have is real, by asking, “Is this problem ‘shared’ (by others in the market)?”
Blank suggests publishing a single-question survey on your website to ask visitors if they have the problem you are researching. The important thing to remember while building your minimum viable product is not to aim for perfection. At this stage, you are after some useful market feedback to ensure that your ‘complete’ product or solution will serve real market needs.
If you are based in NSW, with a registered business in NSW, and are ready to move to the MVP stage of development with your completed proof of concept(in order to test your offering and business model), you may be eligible for this grant of up to $25, 000 to cover up to 50% of approved development costs.
3. Research and Development(R&D) tax incentive.
This self-assessment program rewards and fuels innovation efforts of Small Businesses by offering a tax offset (also referred to as a rebate). Depending on your company’s annual turnover, you may receive 43.5% or 38.5%refundable tax benefits to offset some of the costs incurred on R&D activities. If your company has conducted experiments to test assumptions in order to generate new knowledge, you may be eligible for this grant.
4. Wage subsidies.
As the name suggests, these grants compensate Small Businesses that make efforts to hire and retain eligible job seekers in the Australian job market by offering incentives of up to $10,000. To be eligible for this grant, you must not be a government agency nor should you have received a wage subsidy previously for the same employee.
5. Small Business rebate (NSW).
Are you a Small Business based in New South Wales (NSW) that does not employ more than 50 people? Have you attended an NSW SafeWork event recently or had an official visit from an NSW SafeWork officer? Then, you may be eligible for a rebate of up to $500 to buy and install eligible safety items in order to keep your work environment safe by addressing identified safety risks. You are responsible for purchasing your own safety equipment and applying for a rebate within a specified time frame.
If you are looking to scale your Small Business in the new financial year, there is plenty of government support for Australian Small Business owners. The five grants in this article are a general starting point.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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