3 government grants to grow your business
I was chatting to a friend who had started a couple of businesses the other day, and one thing he said struck me. He was talking about the second company he’d started, which had begun to take off. He received traction with the business and was able to find customers for his products, but then hit a wall.
It turns out growing your business is harder than starting a business.
Is your business on the cusp of achieving big things, but you’re finding it difficult to get over that next hurdle? Do you think you’d benefit from some additional financial support?
We’ve heard of numerous start-up grants and help available for new or small businesses, but what about businesses that have hit that plateau and need to expand?
Having worked with lots of growing companies I was able to advise my friend (and readers!) that the Australian government does offer financial assistance to established business owners to help them move forward. These are my picks of the bunch:
1. R&D tax incentive
Investment in research and development can see businesses make a major contribution to their industries – and the government agrees. That’s why the government is offering a 45% refundable tax offset to businesses that seek innovation through R&D processes – a healthy injection of capital to help you find new discoveries and growth.
How to apply: Register through AusIndustry
2. Export Market Development
Developing an export market is an exciting time in the growth of your business, unlocking opportunities for revenue and earnings growth. To help with the cost of marketing your product or service overseas, the government will reimburse up to 50% of eligible expenses above $10,000. The application process can be labour-intensive as Austrade requires proof of all expenses, but an ERP system will allow you to add files like receipts or ticket stubs to your expenses.
How to apply: Register through Austrade
3. Enterprise Connect
When running a business it can be hard to take a step back and look at things from a more objective angle. That’s where Enterprise Connect can help. A federal government initiative, it provides eligible businesses with a free business review, advice and grants to help put the recommendations in place – whether it’s increasing staff numbers, implementing business systems like ERP or key staff training.
How to apply: Register through Enterprise Connect
So, how hard has it been to find funding for your growing business? Have you tried any of the avenues listed above? Share your experiences in trying to inject funds in your business with us.