Government grants can jump-start new businesses and offer established companies an opportunity to expand, retool or modernise.
With the lengthy application process and potential for rejection, however, many businesses shy away from pursuing grants. With professional assistance, the process can be low-impact on your business in the short-term and extremely beneficial in the long-term.
In this post, we’ll look at the eligibility requirements for some of Australia’s top government grants.
Businesses that develop new products, processes or ideas may be eligible for this grant, which either reduces your Income Tax or provides cash back, depending on your tax position and company size.
Research and Development can relate to any industry, but the results of your R&D must enhance your business. Have you had to perform any trials, tests or experiments to achieve your goals? If so, you may qualify.
Created to support the competitiveness and productivity of Australian businesses, the Entrepreneurs’ Programme includes four elements:
Designated for small- and medium-sized businesses, this grant assists with the commercialisation of novel products, services and processes.
With this program, businesses gain access to a national network of business advisers who can assist in improving processes and taking advantage of growth and collaboration opportunities.
Focused on Australian start-ups, this program helps businesses to develop their capabilities, especially in international markets.
The Innovation Connections facilitators help businesses to identify the knowledge gaps that prevent their future growth.
To qualify for the Entrepreneurs’ Programme, a business must have an annual turnover between $1.5 million and $100 million, or between $750,000 and $100 million if it’s located in Northern Australia or Remote Australia.
New as of 2017, the CSIRO Kick-Start grant aims to accelerate Australia’s innovation output by partnering with start-ups and providing them with research and testing.
To be eligible for this grant, a business must have an annual turnover of $1.5 million or less and have been in operation for less than three years. While provided funding cannot be used for capital works, expenditure or infrastructure expenses, it can be used for salaries for researchers and even for travel and accommodation.
What’s better than a grant? How about a straight-up line of venture capital for your biomedical business.
Fueled by a combination of Commonwealth and private-sector capital, the Biomedical Translation Fund provides funding for companies involved in “developing and commercialising biomedical discoveries,” including medical and therapeutic products and services as well as other new technologies that improve human health and well-being.
To be eligible, the majority of your employees and assets must be in Australia, and your revenue over the past two years must be less than $25 million.
If you’re involved in an export business, whether it’s a start-up or an established operation, you may want to consider applying for the Export Market Development Grant. This program seeks to drive new outbound markets from Australia and augment inbound tourism.
To qualify for this grant, businesses must have promoted one or more of the following:
Additionally, your business income must be less than $50 million in the year in which you apply for the grant.
The above are just a sampling of the many grants developed for strengthening Australian businesses. Most business owners find themselves preoccupied with the day-to-day running of their companies and don’t have time to track down and apply for government grants. If you find yourself in this situation, reach out to us at Altus Financial.
We can assist you in finding the most appropriate grants for your business and in creating a strong application. For more information, contact us.