Startup business grants are funding programs that provide businesses with much-needed capital to realise an idea. There is a wide range of options, including government funding grants and industry-specific grants. However, knowing which ones are available — and which to apply for — can be challenging.
In this post, we look at the best small business grants out there, from government grants to private funding.
Top government grants for small business
- The Entrepreneur’s Programme. This popular program provides funding of up to $1 million to help small businesses innovate, grow and compete in the market. SMEs can also access expert advice and additional incentives through the program.
- Austrade Landing Pad. These grants help startups take their business global in key markets, including Shanghai, Berlin and Singapore. SMEs get access to global innovation hubs, introductions to local business networks, and advice to help them succeed in a new market.
- Export Market Development Grant. Designed to encourage SMEs to develop export markets, this grant is a financial assistance program for current and new exporters. In response to COVID-19, the EMDG export performance requirements for 2020–21 have been waived and the Initial Payment Ceiling Amount (IPCA) is $100,000.
- Accelerating Commercialisation. This grant provides SMEs with up to $1 million in project funding to commercialise a novel product, process or service. Eligible applicants need to be exploring commercialisation opportunities in different states or territories from their state of business.
- State government grants. Each state has its own small business grants to support startups and scale-ups. The following are a few examples: