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 In Finance, Managing & Growing, Starting

Are you looking for new ways to stimulate growth in your small business? Each state and territory offers a range of programs designed to give new and existing businesses a leg up, and many are matching programs that combine well with a small business loan.

New South Wales

Building partnerships: A grant designed to help revenue-generating startups and small to medium enterprises (SMEs) scale or grow strategically. Applicants need to prove they have an innovative and scalable solution of which they own the IP and can apply for up to $100,000 covering a maximum of 35% of pilot projects and marketing partnerships.

Bin Trim Rebates Program: The Environmental Protection Authority is offering rebates of $1,000 to $50,000 to businesses (with up to 399 employees) that install on-site recycling equipment.

Minimum Viable Product: This fund grants up to $25,000 for a maximum of 50% of approved project costs for start-ups to conduct market research and test services on consumers. You should take the pre-qualification quiz to find out if you’re eligible.

TechVouchers: Aiming to drive collaboration, TechVouchers matches funding of up to $15,000 for SMEs collaborating with an eligible research partner from the Boosting Business Innovation Program (BBIP), usually universities or other research organisations.

Small business grant: For businesses that do not pay payroll tax, the government is offering $2,000 for each new full-time employee hired.

Victoria

Regional Jobs Fund and Stronger Regional Communities Plan: With the aim of supporting rural and regional towns, this grant provides financial assistance to businesses creating new jobs in regional and rural Victoria.

Future Industries Manufacturing Program: This grant provides up to $500,000 for growth-oriented manufacturers to invest in new processes and technologies. Businesses will need to match $3 for every $1 granted through the program but this is a great opportunity for businesses looking to streamline their manufacturing process or to make their processes more sustainable.

Boost Your Business: SMEs with 20-200 employees will receive up to $50,000 in vouchers for goods and services at eligible Victorian businesses. These vouchers aim to support Victorian businesses to become more productive, employ more people, improve market access and increase their scale, diversity and profitability.

Did you know? Eligible sectors for the Boost Your Business grant include defence, security, food innovation, social enterprise and advanced manufacturing.

Queensland 

Business Development Fund (BDF): With the aim of helping businesses who are at the forefront of commercialising ground-breaking research or innovations, eligible business can receive between $125,000 and $2.5 million in matched co-funding. The only catch is the BDF must become a shareholder in the business.

Back to Work South East Queensland: Businesses that employ elderly, young or long-term unemployed people can claim up to $20,000 for doing so. However, they must first have a proven track record and genuine commitment to ongoing employment of the new hire.

Business Growth Fund Program: Established businesses with a turnover of at least $500,000 can receive up to $50,000. This grant is aimed at businesses looking to grow from small to medium-sized enterprises, hire more staff, purchase new equipment or invest in development.

Western Australia 

Commercial Development Grants Program: Businesses in the culture and arts sectors could be eligible for up to $40,000 to fund a maximum of 80% of a project that strengthens their brand and commercial success.

Local Capability Fund: Up to $20,000 to go towards winning state and federal government contracts for things such as consulting, training and new equipment. Businesses must employ a maximum of 200 people, and have a turnover of between $250,000 and $100 million.

ACT

Trade Connect: Businesses looking to develop their export opportunities may be eligible for up to $15,000 in matched funding per financial year (for up to three consecutive years). The money may go towards items such as trade shows, advertising and marketing.

ACT Microcredit Loan Program: Low-income earners (combined family income of up to $75,000) can receive interest-free loans up to $3,000 or low-interest loans up to $10,000 to purchase new equipment.

Tasmania

Advanced Manufacturing Programs: There are two grants available to manufacturing businesses in Tasmania (with turnovers between $300,000 and $20 million) looking to expand. Grants of up to $10,000 cash and $15,000 in vouchers are available.

See more about Advanced Manufacturing Market Expansion Program

See more about Advanced Manufacturing Innovation and Growth Voucher System

Northern Territory

Regional Economic Development Fund and Trade Support Scheme: If you have a project designed to benefit the Territory and employ local people, this scheme may fund up to half of it for you. For NT businesses looking to export overseas while still providing local benefits, the government may fund up to half of your international marketing.

Indigenous Business Development Program: Indigenous business owners can receive up to $30,000 in funding to help start or continue growing a business.

South Australia

All government grants and assistance programs are currently under review, with no further advice as to when they will be rolled out. Businesses are advised to keep checking the small business website for information.

A list of criteria and links to online applications for all the programs listed above can be found here.

For more ways to fund your big idea, talk to a lending expert at Prospa on 1300 882 867 or apply online for a small business loan.

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