Small Business Grants - How to Get Funded
Many State and Local Governments provide excellent Small Business Grants to assist businesses operating within their jurisdiction. Grants are a great way to get a helping hand, and serve as an important function in encouraging new businesses to get off the ground. Small Businesses including the services, jobs and business they generate are a critical component to any thriving community, so Governments are keen to provide any support they can. When applying for a Grant, it’s important you follow the process provided and come prepared with all the information you need to put forward a strong submission. So check out our top tips on Small Business Grant applications below.
How to find Small Business Grants?
There are many Small Business Grants available but most Government organisations restrict applications to businesses located within their particular domicile. The Department of Industry, Innovation and Science has created a website where you can search through all the Grants in your State and Local Government. Check out www.business.gov.au for more information.
What COVID-19 Small Business Grants are currently available?
Recently, the Victorian Government has announced a $500 million Business Support Fund to support small to medium businesses most impacted by the COVID-19 outbreak. In NSW, small businesses, not-for-profit, and other business types that are non-employing or have less than 20 staff can apply for COVID-19 recovery Grants of up to $3000. Similar Grants exist in other States and Territories including Queensland, Tasmania, SA, the ACT and WA.
What types of businesses are eligible for a Small Business Grant?
Generally, Grants are targeted at small to medium businesses, or those that need the most help. Most Grants are capped for businesses that exceed employee and revenue thresholds. Obviously if your business is large and well equipped to reinvest in growth activities, it's hard to justify more support. At the end of the day, any Grant funding provided comes from the pockets of State of Local Government tax payers. So if you are a small to medium business, most grants will be applicable.
What types of activities are applicable for a Small Business Grant?
Australian State and Local Governments provide a range of assistance in the form of Grants to Small Business. Grants can typically cover funding support for expansion into overseas markets, researching and developing new products, and creating local jobs for the Australian economy. Government organisations are looking for a return on their investment in the form of developing the local economy, so anything that invests in the long-term success and viability of your business will be considered.
How does the Grant application process work?
Applying for a Grant is generally for Free. To ensure funds are distributed for genuine needs, State and Local Governments require businesses to complete a thorough application process. The forms or documentation required is provided, generally online, and you can track the progress of your submission. Some Governments will assign a Case Manager to help you through the process, and to review the submission for approval.
Even after the funds are provided, the process doesn’t end there. To prevent unscrupulous business owners from taking advantage of the funds, State and Local Governments will check in and request evidence that the funds have been used for the purposes provided.
Because of this, it’s important you maintain accurate records of any expenditure by keeping receipts and tracking your spend accordingly. The Thriday Business account is perfect for this, as you can use the app to track and upload receipts, tag and categorise transactions and log everything under a corresponding budget. You can then extract this and provide to your State and Local Government when required. So make sure you sign up to Thriday now.
How is Small Business Grant funding distributed?
Many business Grants come as a lump sum amount, these are paid directly into a nominated account that is provided during the application process.
Do you have to pay a Small Business Grant back?
It will depend upon which type of grant you intend to apply for, or ultimately receive but Grants are designed to offer businesses financial support so in most cases, the funds provided come with no requirement to pay them back.
Most Grants are provided based on business performance levels or, in the case of staffing incentives, apply to certain numbers of staff hired or retained. Be sure to check out all of the requirements applicable to the Grant you are applying for. This way you can ensure you understand exactly what is expected of your business in return for the funding.
Grants are an excellent way to get some extra support, especially in the early stages of starting your business. It’s important that you keep an eye on what Grants are available and put forward a strong submission when applying. By following our tips and using the Thriday Business account, you will be best positioned to ensure you track the use of your funds accurately and spend them wisely. If you have any tips or suggestions, we would love to hear from you!
DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.
.svg)
.png)
.svg)
