If you’ve been looking into new ways to innovate, the Government is offering to match up to half the cost for services. From mentoring through the next phase to high growth acceleration, the Entrepreneur Programme funding has high yield potential. Interested? Here’s everything you need to know to get ready for the Government’s Entrepreneurs Programme.
- Up to $20,000 in Grant Funding is Available
- Projects Must Be New i.e. ‘Not Yet Started’
- The Government Will Match Up to 50% of the Eligible Costs
- The Grants Are Available Australia-Wide
- When Will I Hear Back?
- How To Apply
Up to $20,000 in Grant Funding is Available
Good news, the Government has allocated grants of up to $20,000 to the five key growth sectors:
- Advanced Manufacturing
- Food and Agribusiness
- Medical Technologies and Pharmaceuticals
- Mining Equipment, Technology and Services
- Oil, Gas and Energy Resources
To magnify the fine print, grants are allocated to businesses that currently operate within or have the intent or ability to operate in the above five sectors.
Projects Must Be New i.e. ‘Not Yet Started’
Key eligibility criteria are that the service must be new, as in ‘not yet started’ and that service is integral to growth (i.e. forecast return on investment and/or growth margins). Additionally, this grant is about helping relatively established businesses to grow. For example, the eligibility criteria specify a minimum of 3 consecutive years in business and a minimum annual turnover of $1.5 million.
Eligibility for the three Growth Programmes:
- Must have both ABN and GST registrations and be incorporated or incorporated trustee.
- Business activity statements demonstrating operations for 3 consecutive years
- Services cannot include legal, catering or ‘business as usual’ activities
The Government Will Match Up to 50% of the Eligible Costs
By offering to match between $2,500-$20,000, the Government’s Growth Grants are all about driving growth and competitiveness in the above sectors. To put it more clearly, Entrepreneur Programme’s grant of $2,500 would be allocated to cover 50% of eligible project costs for a proposal for services invoiced at $5,000.
To be eligible for the grant, project proposals must be valued at a minimum of $5,000.
The Grants Are Available Australia-Wide
The grants are offered Australia-wide with variations to the eligibility criteria in remote and Northern Australia. To be eligible businesses must have annual turnover of between $1.5 million and $100 million or between $750,000 and $100 million if you’re located in remote Australia or northern Australia.
When Will I Hear Back?
Across the three programmes, there are different time limitations. After completing the application, you should receive a response within 10 working days. Depending on the programme, the services span from 1 to 2 years.
By matching up to half of the service provider’s costs, the funding is designed to enable and support business growth and competitiveness. In the current economic climate, innovation is key to growth, which is what the grants aim to foster. For Tilt, an industrial design firm, the grant has enabled an increase of 10 staff and turnover to $2.3 million.
The programmes are tailored to the objectives of the businesses for example as the name suggests, the High Growth Accelerator can’t be used for incremental changes.
A Step By Step Guide To Applying For the Funds
How To Apply
- Determine if your business objectives fit within the eligibility criteria.
- Apply for one of three Entrepreneurs Programme
- Receive Roadmap or Plan
- Receive Funding of $2,500-$20,000 covering up to 50% of eligible project costs
The Australian Government’s Growth Grant Programme is offering up to $20,000 to innovative entrepreneurs exploring new directions. Key points to note are that it must be a new project. It’s all about the five growth sectors:
- Advanced Manufacturing, Food and Agribusiness
- Medical Technologies and Pharmaceuticals
- Mining Equipment
- Technology and Services
- Oil, Gas and Energy Resources.
If your business currently operates within or has intent and ability to operate within the above sectors, the new grants are worth checking out. Ask us how we might assist your application with a service proposal.