Did you know there’s free money out there that can help your business to grow?
Yes there is really free money out there and no, this is not click bait. There are a number of Government grants for small business at both Federal and State levels intended to help businesses to improve and grow.
- strategic planning
- employee share scheme design and implementation
- advisory board
- financial performance management
- exit planning and much more.
This programme aims to drive business growth for businesses in the five growth sectors, which are:
- Advanced Manufacturing;
- Food and Agribusiness;
- Medical Technologies and Pharmaceuticals;
- Mining Equipment, Technology and Services; and
- Oil, Gas and Energy Resources.
If you are not sure if you qualify for one of the Government grants for small business in one of these sectors, by all means have a chat with us. These categories are broader than you think!
How you can use Government grants for small business
If you are in one of these sectors, there may be Government business grants available under this program to help your business to:
- commercialise novel products, processes and services (Accelerating Commercialisation Grant);
- access expert support to identify growth opportunities, improve management skills and business systems, increase market share and improve the financial performance of the business (Business Management Grant);
- assist start-ups to develop the capabilities required to achieve commercial success in international markets (Incubator Support Grant); and
- access expert guidance to address knowledge or research related issues (Innovation Connections Grant).
Each of the above are dollar for dollar matching grants of between $20,000 and $50,000, meaning a $40,000 project may only cost you $20,000. It’s crazy to say no, when the government offers to pay half of your costs. And this is just one of a number of grant programs available at the federal level.
At a state level, there are also Government business grants available. For example, the Queensland government’s Business Growth Grant is designed to support fast growing businesses looking to put on staff, purchase specialised equipment and access services to support business growth. Grant applications may attract funding of up to $50,000 depending on the application. Successful applicants may only have to contribute 25% – 50% of total project costs.
Here’s a flowchart we use to help our clients assess whether they are eligible for some of the most common grants we see.
We outlined a number of the available small business grants in a little more detail in an earlier blog post so take a read and to find out more.
For further details about the Government business grants mentioned or if you would like to know whether you are eligible, please contact the expert team at MGI South Queensland on 07 3002 4800.
This article aims to provide you with an overview of the grants that may be available to you. It is not intended to be specific advice for your business.