Advivo Business Advisors and Accountants share insights on why grants are good and how to find and apply for them.
As a small business owner or start-up, it can be difficult at times to fund your operations. There are a number of different ways you can do this – through equity from your own savings, raising capital, and scaling up with venture capital funds of which involves giving up ownership and control of your business. Beyond personal financial resources, grants are a good approach and a great way to help establish and grow your business without creating additional burdens on cash flow.
When it comes to running a small business in Australia, there are many ways to get advice and guidance through Government funded channels. Along with a long list of financing options, small businesses can also apply for small business grants, either from the Australian Government or affiliated independent organisations. Grants can come in many forms: small business grants, federal grants, state grants, local grants and grants from private businesses.
If you’re looking at applying for a small business grant, here are some important things to keep in mind before applying:
- Small business grants are given for specific purposes rather than general business ideas
- Government grants are given at a local, state and federal level
- Not all grants involve money. Some are offering workshops, mentoring, tax benefits, training and more
- All government grants are available for free, so don’t fall prey to scam websites requesting money in exchange for information
- Some grants are very specific and there are a number that requires 50/50 contribution
If you’re ready to make the most of your small business grant application, here are our top 5 tips for success:
Whether you’re applying for one grant or multiple grants, you still need to devise a strategy ahead of time. Map out the due date for your grant application, along with when you want to complete each section of the application. The bigger the grant, the longer and more complex the application process.
Write your application specifically for the grant you’re applying for
Writing a general or vague application to use for multiple grant applications, will unlikely have much success. Each grant is specifically tailored to different needs and criteria, and your application will need to address this.
Don’t waste time applying for grants you aren’t eligible for
If you don’t meet any of the grant’s eligibility criteria, it is unlikely you’ll be approved for the grant. Small business grants are usually aimed at specific industry sectors, regions, types of businesses, and community groups.
Follow up on your grant applications, even if you’re unsuccessful
There is something to learn from every grant application, even if you’re not successful. Contact the grant administrator to ask for feedback on your application, which will help your future grant applications.
Extra help is available
If completing grant applications is out of your scope or resources, there are many professional grant writers who can help with your application, allowing you to save time and potentially increase your chance of success.
To get you started with your grant search, please see these useful links:
Latest Grant Information
Recently the Queensland Government announced three new small business grants programs worth $25 million over two years. These grants are being rolled out based on direct feedback received from small business owners through the Small Business Roadshow and a variety of online surveys.
Business Basics grants of up to $5,000. Support new and emerging businesses to increase core capabilities and adopt current best practice. Applications opened on May 31, 2021 and were closed due to fund limit reached within 2 hours.
Business Boost grants of up to $15,000 will help small businesses to improve their efficiency and productivity through organisational development and upgrades through automated software and CRM systems. Grants can be used for website development and upgrades, strategic marketing, training and coaching, advisory services and planning for business continuity and succession. Applications to open in late July 2021.
Business Growth Fund grants of up to $50,000 will allow businesses to buy highly specialised equipment to seize and accelerate growth opportunities. Applications to open May 11, 2021, with Guidelines available from 1 May.
Business Boost Grants may provide opportunity with up to $15,000 for business advisory. This grant would enable small businesses to engage in a business advisor to assist in their business growth and development. Advivo’s business advisory services combine our expert accounting and consultancy advice with specialist management practices to take your business to the next level. Have a look at how we can assist your business if you were successful with this grant – Business Advisory Brisbane – Advivo Business Advisors & Accountants Launches in mid-July.
For any further questions around small business grants, how they work and finding the best ones for your small business, the team at Advivo Business Advisors and Accountants are here to help. Contact us today.