Looking to receive some help establishing your small business in NSW? Australian Government Grants can be a huge help in getting your business underway. A Government Grant is a financial award given by a federal, state or local government to an eligible grantee. These grants are not repaid and they do not carry loan guarantees, interest rate subsidiary, and appropriate or revenue sharing.
Most Government Grants are targeted towards certain projects that startups carry out. They come in a diverse range of options depending on your business activities such as training, expansion, research, development, and commercialising.
Remember, all government grants are available for free. In this case, the identifiable factor that exposes a grant scam is its purchasing requirement.
All in all, the three steps below will guide you towards receiving a grant for your small business.
If you are looking to establish a small business, we provide all the legal documentation necessary to establish any type of small business.
1. Establish your grant category
The first step to finding what grant suits you is to clarify which grant category best suits the needs and goals of your small business. For example, iIf you require funding, then a funding grant will be valuable to you. Perhaps you want to commercialise your first product. It is important to prioritise your businesses current needs as this will help you narrow down the grant you are looking for. Finder.com’s webpage provides an excellent summary of the types of grant categories that are available.
The next step is to is to access the Australian Governments business website. It provides a diverse category of possible grants that are can assist you in the establishment of your business as a whole. Browse the website to find the grant that suits the needs of your business. For startups and small business’, the ‘Starting a business’ webpage can assist with this.
- Entrepreneurs’ Programme
- CSIRO Kick-Start
- Biomedical Translation Fund (BTF)
- Export Market Development Grant (EMDG)
- Research and Development Tax Incentive
- Venture Capital Limited Partnerships (VLCP)
- Austrade Landing Pad
2. Check your eligibility
Different grants will have a different eligibility criterion. However, most will always include an ACN or an ABN.
- Amount of employees
- Amount of turnover each year
- Age
- Creation of jobs each year
- Whether your business is an incubator for start-ups
- Tax requirements
- Indigenous or Non-Indigenous
Additionally, Ignite Innovation’s website provides a chatbot that can quickly test your eligibility without any obligation.
3. Meet application requirements
It is critical that you tailor the parts of your business startup around the eligibility criteria so as to receive the grant. You must address all of the eligibility criteria and answer every question provided to you. It is also useful to setup a grant strategy to map out any future grants your business could receive and utilise. This is extremely important for establishing your small business in the marketplace.
What often helps with grant decision making is an introspective investigation into the specific projects your business wants to run in the future. This information can then be tied into your grant strategy so as to confidently apply and receive the necessary grants for your startups goals.
In this process, it is important not to become too overconfident with the grants you can receive. Grants take conscious time and effort to receive. Additionally, grants will come with specific requirements that your business will need to fulfill. If your startup idea does not match with these fulfillments, then you will not be awarded the full benefits of the grant.
Patience is a virtue
Grants will take significant time and effort to receive, so organise your startup to tailor to its current eligibility requirements. Additionally, you should organise the future of your startup so as to recognise the grants you may receive later on in the life of your business.
Continually, your business should meet all legal considerations in order to receive these grants. Our legal marketplace provides Startup Lawyers that can cement the legal groundwork of your small business.
