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September 1, 2020

Which Grant For Our Business?

Business Grants, in particular for SMEs and startups, can be the difference between giving your business competitive advantage from its competitors or falling short of your long-term goals.

Grants are basically funding programs that can give your business the much needed capital in order to make your innovative idea come to life. There is such a large variety of grants out there that it can be confusing to choose the right one for you. From government funded, privately funded and industry-specific grants, this post will give you a clear overview of the best business grants available, so it is easy to see what's right for you.

Top Government funded Grants

  • R&D Tax Incentive Program
    A joint venture program administered by the Australian Government-Department of Industry, Science, Energy & Resources and the Australian Tax Office, suitably qualified businesses can receive up to 43.5% tax refund for R&D activities undertaken in the previous financial year.  
  • The Entrepreneur Program
    Provides its users with up to 1million in order to facilitate  small business innovation, growth and become market competitive. This popular program also gives access to expert advice and additional incentives.
  • Austrade Landing Pad
    These grants provide access to the world global innovation hubs, links to local business networks and valuable advice, in order for Australian startups to go global.
  • Export Market Development Grant
    This program is designed so that SMEs can develop an export market. The fund reimburses 50% of the expert promotion expenses over $5,000, for both current and new exporters.
  • Accelerating Commercialisation
    In order to be eligible for this program, applicants must be exploring commercialisation opportunities in different states or territories, from their state of business. This program provides SMEs with up to $1million dollars in project funding to commercialise a process, service or novel product.
  • State Government Grants (MVP Grant)
  • In Australia, each state or territory has its own small business grants to support SME, startups and scale ups. MVP grant in New South wales for example.

Industry Specific

  1. Biomedical Translation fund (BTF)
    The BTF program gives help to SMEs developing and commercializing biomedical discoveries, with over $500 million in capital to invest. However, this grant is specific to the health sector.
  • Industry 4.0 grants
    These grants are a collection that is designed to build the fourth revolution via transformative technology in australia. Grants range from cybersecurity, AI  and smart factories
  • Agricultural grants
    Specific to the agricultural sector, state and federal governments provide funding that support SMEs involved in carbon farming, natural resources development, etc.
  • Tourism grants
    Tourism Australia provides funding and subsidies for the sector, including businesses involved in digital marketing for tourism or grants to provide reginalinband state tourism.

Other small business start up grants

  1. CSIRO Kick Start Grant
    This program is a matched-funding style grant. This is where SMEs are provided with up to $50,000 to undertake research with CSIRO to grow their business. Eligible applicants need to have an ACN and turnover under $1.5 million annually.
  • Grant Guru
    This is a grant tool to use especially when there are new grants coming out all the time. This tool allows you to search grants including private, public and industry-specific.
  • The Grants Hub
    Another great grant search tool, with over 1000 grant programs in Australia to search from.

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