Startup businesses in dire need of financial support can always reach out to the Australian government to apply for small business grants. Read on as My Business discusses some of the Australian government grants for small businesses.
While a lot of these government funding for businesses are characterised by long and winding application processes, tough competition from other businesses and high chances of rejection, there are government grants that are actually worth the time and effort.
Below are some grants and startup business loans from the government that business owners should be looking into:
- CSIRO Kick-Start
- Entrepreneurs’ Programme
- Public Sector Innovation Fund
- Enterprise Melbourne-Small Business Grants
- Business Growth Services
- Biomedical Translation Fund (BTF)
The Australian Commonwealth Scientific and Industrial Research Organisation (CSIRO) sponsors and offers matched funding for the research activities of small and medium enterprises (SMEs) and startups in Australia via its Kick-Start program. Grantees of this particular program have access to matched funding up to AU$50,000 which can be used to cover the costs of research projects, salaries, travel and lodging fares.
In order to avail of the CSIRO Kick-Start grant, businesses must be:
- duly registered under the Australian goods and services tax (GST);
- have an annual turnover of less than or equal to AU$1.5 million during the current and two previous fiscal years, and
- must have been a registered business for at least three years.
The Entrepreneurs’ Programme aims to provide financial aid by offering ventures up to 50 per cent of a particular project and providing free expert advice. Ventures have a limit of AU$250,000 for commercialisation offices, while other applicants have an AU$1 million cap.
The programme also offers incubator support for startup businesses who want to enter the international market. New and current incubators can apply for grants of 50 per cent of the project’s total value with an AU$500,000 cap, while entrepreneurs can apply for grants up to AU$25,000.
Public Sector Innovation Fund
The Public Sector Innovation Fund offers financial assistance to Victoria-based businesses.
In order for a business project to qualify for the Public Sector Innovation Fund, projects must cater to the general public, be tech-based, innovative and groundbreaking, actionable and must solve a public service or policymaking challenge.
Successful grantees will be able to have access to grants amounting to anywhere between AU$50,000 to AU$350,000.
Enterprise Melbourne-Small Business Grants
The Enterprise Melbourne-Small Business Grants provides financial sponsorship opportunities to businesses that are based in Melbourne, Australia. Grantees of this program have access to financial support, free mentoring services from industry experts and training funds.
There are five categories under the Enterprise Melbourne-Small Business Grants that cater to the different needs of grantees. This includes startups, business expansion, export entry, business support services and micro business. The startup and business expansion categories both have AU$30,000 worth of grants for their recipients, while the export entry category helps Melbourne-based businesses enter or expand in the international market with an AU$10,000 grant.
On the other hand, the business support services category caters to member-based organisations, such as city precinct groups, and assists in developing policy-based initiatives with a grant of up to AU$10,000. Lastly, the micro business category has grants amounting to AU$25,000 for the initiation and expansion of micro business startups.
Business Growth Services
The Business Growth Services grant caters to businesses who are gearing up for expansion. Grantees get free consultation services from industry experts and facilitators who will help them carry out their respective expansion plans, with the grant amounting to AU$20,000.
This particular grant aims to help businesses expand rapidly and efficiently, with little if not zero risks. Grantees have a two-year eligibility period for the Business Growth Services.
Biomedical Translation Fund (BTF)
The Biomedical Translation Fund mainly caters to Australian businesses in the health and wellbeing industry. In order for applicants to become eligible BTF grantees, they must have businesses that are in the midst of developing biomedical innovations, with the business’ profits amounting to less than or equal to AU$25 million in the past two fiscal years.
Biomedical discoveries, as defined under the BTF, include medical or pharmaceutical products and/or services that aim to improve the overall health of human beings. The BTF does not offer assistance for businesses with complementary and traditional medicinal developments.