Australian small businesses can access Government Grants
Did you know that the Australian and Queensland governments are giving generous grants to small businesses to help them grow?
Here is an overview of what’s available currently:
Business Growth Grant
The Business Growth Grant is available for owners who have received a business management service and the business adviser/facilitator recommends specific business improvement activities to increase your business’s capability to trade in Australian markets and/or markets in other countries.
The grant is for an amount up to 50 percent of eligible costs and the maximum grant amount is $20,000 (excluding GST).
Innovation Connections Grant
The Innovation Connections Grant provides businesses with access to a highly skilled facilitator, for the purpose of reviewing the research needs of the business. The facilitator will connect the business to expertise within the research sector and help to define a project scope, if required.
Up to $50,000 in matched funding support is available to businesses that choose to fund the project on the recommendation of the facilitator. This grant is open to businesses with an annual turnover or operating expenditure of between $1.5 million and $100 million. A lower threshold of $750,000 applies for businesses in remote Australia and the Norther Territory.
Wage subsidies
Wage subsidies provide Australian businesses with financial incentives of up to $10,000 (GST inclusive) to hire and retain eligible job seekers in ongoing and sustainable positions. The full subsidy is available for a new employee who is either:
- 15 – 24 years of age
- an Indigenous Australian
- 50 years of age and over
A wage subsidy of up to $6,500 (GST inclusive) is available for businesses hiring a new employee who is either:
- 25 – 29 years of age
- a principal carer parent
- a person registered with an employment services provider for 12 months or more
For more information, visit Australian Government Wage Subsidies.
To see the full list of funding and support programs currently being provided by the Australian Government visit Grants and Assistance Programs
What State Government grants can I access for small business?
At the State level, there are also government business grants available.
Business Growth Fund Program
The Business Growth Fund Program that provides targeted assistance for small and medium businesses that demonstrate high-growth and employment aspirations. It is designed to support fast growing businesses looking to employ staff, purchase specialised equipment and access services to support business growth. Grant applications may attract funding of up to $50,000 (excluding GST) with a co-contribution requirement of 25% – 50% of total project costs.
Examples of specialised equipment meeting the eligibility requirements include:
- Production equipment to meet otherwise unachievable growth demand
- Advanced digital equipment and systems (e.g. 3D printers, scientific equipment or medical devices)
- Advanced logistics systems and equipment
Examples of services that are eligible for attracting this grant include:
- Engaging business consultants or advisors to provide advice (e.g. on business structures and governance, systems improvement, export and commercial negotiations)
- Obtaining Intellectual property (IP) advice
- Engaging an advisory board
To see the full list of funding and support programs currently being provided by the Queensland Government visit Business Queensland Grants.
For further details about the Government business grants or advice on whether you are eligible, please contact the expert team at IMT Accountants & Advisors on 0400 755 855 or 0421 000 541. Click to see our full list of services.
