Small and medium-sized enterprises are the leading force of the Australian economy taking up 99.8% of the whole business industry.
With this, the government enforced various support for these businesses especially in these trying times and even before the pandemic. As an entrepreneur, you need to grab every opportunity to thrive, and this includes knowing the best grants available.
Discover the top grants and resources the Australian government has for your business and how you can avail of them.
5 Top Government Grants for Small Businesses in Australia
The Research and Development (R&D) Tax Incentive
The Research and Development Tax Incentive (R&DTI) grants a tax offset to small businesses involved in research and development or R&D activities. It aims to help companies boost their innovation efforts and experience significant growth. It also lets eligible businesses work with registered Research Services Providers (RSPs).
To be eligible for a tax offset, you need to self-assess your R&D activities as defined in the ITAA or Income Tax Assessment Act 1997.
Accelerating Commercialisation (AC) Grant
Part of the Entrepreneur’s Programme is the Accelerating Commercialisation (AC) Grant — which offers expert resources and up to $1 million funding for small businesses’ commercialisation projects.
To apply for this grant, you must have a new and original product or service that you want to trade for Australian and overseas markets. Learn more about the eligibility rules here.
The grant includes:
- Commercialisation Guidance: Experts will guide you on how to maximise the commercialisation of your novel product/service.
- Accelerating Commercialisation Grants: After getting advice, you’ll receive funding to successfully commercialise your product/service.
Export Market Development Grant (EMDG)
The Export Market Development Grant (EMDG) aims to support Australian businesses with their global promotions. It offers 50% reimbursement for current and new exporters. The financial support is capped at $150,000 per application on small businesses’ marketing activities.
The grant is offered in three different tiers with different levels of support depending on how big or small the exporting activity of a business is.
To apply for the grant, you must have eligible promotional activities, products, and expenses incurred from July 1, 2021.
State-Based Grants
Each state has funding opportunities offered to small businesses apart from national business grants.
Check out some of them here:
- New South Wales (NSW) Government Grants: The Minimum Viable Product (MVP) Grant provides up to $25,000 funding for start-ups, while the Local Innovation Network (LIN) is a commitment of $2.1 million by the NSW Government to develop regional entrepreneurship for small businesses.
- Victorian Government Grants: City of Melbourne Small Business Grants offers government support for Victorian small businesses in Melbourne’s central business district. You can get up to $30,000 to either launch, export, or expand your market-ready products and services.
- Queensland Government Grants: The Ignite Ideas Fund is designed to support Queensland-based SMEs to commercialise innovative processes, products, and services that are operational in the long run.
You can always check with your local government body on what are the available grants for your type of business.
Industry-Specific Grants
The Australian company also provides industry-specific grants and assistance to small businesses.
For example, businesses in the local information and communication technology (ICT) industry can apply for the Digital Partnership Program (DPP) to help start-up businesses develop innovative digital solutions.
You can find more grants, funding, and support programs for different industries using the Grants and Programs finder.
Maximise grants to grow your business
There are several opportunities you can take advantage of to ensure your small business flourishes in the coming years. It includes these government grants which are tailored to fit your growth goals.
Speaking of growth goals, it’s now essential to invest in the best digital tools like website, domain, and email protection since everyone is now going online, especially your customers. Make sure you’re building a solid environment for your business with the right hosting package.
