Industry Update: Government grants give Australian SMEs the chance to save 50% on business service costs
Did you know that the Australian, State, and Territory governments make over $3 billion in grants available to small businesses every year?
Many small business owners don’t know this, but Scott Partners, your small business preferred accountant in Melbourne has the tools you need to search for grants, and apply for them, to give your business the boost it needs.
Small businesses account for almost half all private sector jobs in Victoria. With that in mind, the government provides small business grants, vouchers, and assistance programs to help you, the small business owner who provides those jobs, with the financial resources you need.
You can use these programs to start a new business or run and grow an existing business.
What Grants are Available?
There are several small business grants in Victoria, and you can use these for a variety of services. You may need help in preparing a business or strategic plan, budgets, business modelling, or even a human resources review.
Some of the available grants include:
With this grant, an individual or partnership receives $1 million on a 50% basis. This grant is available for incorporated businesses with turnovers of up to $20 million.
The Australian government offers six different types of Apprenticeship grants.
New Energy Technologies grants
Several grant programs are available for Future industries (medical technologies, pharmaceuticals, new energy, food and fibre, transport, defence, construction, international education, and professional services). These grants support job-creating projects to help these businesses grow.
What Business Vouchers are Available?
Another form of assistance available to small businesses is a Victorian Boost Your Business voucher. These can help small businesses create new jobs, improve market access, and increase scale, diversity, and profitability. These vouchers are generally available to businesses in Victoria that have turnover of more than $1.5 million per year and have 20-200 employees. There are other requirements.
$50,000 in assistance is available in the following areas:
• Advanced Victorian Manufacturing
• Asia Gateway
• Defence, Aerospace, and Security
• Food Innovation
• Victoria Israel Innovation
Also, $25,000 is available in the Social Enterprise Capability Stream.
What Other Resources are Available?
There are many other government programs available, including a free business mentoring session from the Victorian Government Small Business Bus and mentoring programs.
There are too many grants and other small business assistance programs to list, but your trusted Scott Partners accountant in Melbourne can help you navigate what’s available and find any programs that can work for you and your business.
Our goal is to help you grow your business. Part of that is finding ways you can invest more, which in turn gives you more productivity and more growth.
Contact us to find out how SME grants, business vouchers, or other assistance, might give you the funding you need for your small business.