A government business grant can be just what you need to purchase necessary equipment or vehicles, expand your business into a new territory or hire valuable talent with skills you don’t currently have among your staff.
Fortunately, government support for businesses in Australia is strong, and there are plenty of grants out there for businesses and individuals. Read through the following 10 Australian government grants to find out if your business qualifies, because extra funding could be just what you need to take your business to the next level.
1. Austrade Landing Pad
The goal of the Austrade Landing Pad is to give Australian startups a clear pathway to global markets by immersing them in a world-class innovation hub. The businesses that are accepted into the program will gain on-the-ground access to one of the following Landing Pads programs: Berlin, Tel Aviv, Shanghai, Singapore or San Francisco.
Participants are awarded with workspace and free services in one of these locations, but must fund their own travel, accommodations and living costs. Nevertheless, this level of access to new networks, talent, investors and mentors can be priceless to a new business.
Aspiring and current exporters that have spent $15,000 or more on export promotion can be reimbursed for some of their costs under the Export Market Development Grant. Businesses can be involved with inbound tourism, export of IP and “know-how,” export of goods and services or Australian conferences and events. To qualify, your business needs an income under $50 Million.
The Entrepreneurs’ Program helps businesses increase productivity and competitiveness by providing funding as well as access to nationally respected advisers and facilitators. Drawn from industry, the advisers and facilitators provide practical support in several areas: commercialisation, business management, incubator support, and innovation connections.
In addition to venture capital and free expert advice, the program also offers funding support for incubators helping Australian businesses to enter global markets.
In an effort to help Australian businesses stay ahead of the curve, the R&D tax incentive allows businesses to claim a 43.5% refundable tax offset.
This program is designed for startups and those wanting to make innovative changes to their company. To qualify, your business must be an incorporated company, be actively conducting eligible R&D activities and have incurred eligible expenses of at least $20,000.
If you’d like to hire an apprentice, this grant may be for you. Through the Australian Apprenticeships Incentives Program, you may be able to obtain funding of between $750 and $4,000. The program also offers a Living Away From Home Allowance (LAFHA), which is a weekly payment to the apprentice to help cover living expenses.
These are just a few of the many government grants available to Australian businesses. Learn more about government grants by reaching out to us at Altus Financial. We look forward to talking with you.