2 Government Grants that Could Help Grow your Business
If you're looking to buy a business in Australia and start your own operation, then here is some good news for you. The government, who has been very open about it's support for small-businesses, offers a number of incentive schemes to business owners who want to take their success to the next level.
This is not a comprehensive list, but here are two government funding options that could help you start your business with the boost it needs.
"Australian businesses, especially small businesses, have told me they want to give young people a go."
1. Australian Apprenticeships Incentive Programme
As a new effort to help increase the job-readiness of Australian Youth, business owners can receive a nice incentive to take on apprentices, explained Treasurer Scott Morrison.
"Australian businesses, especially small businesses, have told me they want to give young people a go but we need to do more to get alongside them to help them to develop the confidence, skills, attitudes and behaviours that are expected by employers so they can get a job and stay in a job, because that is what they want," he said.
Although it hasn't officially commenced, the programme is currently open to applications, with plans to make 8,600 apprenticeships available by December this year and 120,000 through to 2020. Employers will receive $1,000 upfront payment for taking on someone to work between 15 and 25 hours each week for 1 to 3 months, and if they decide to transition the apprentice to a full-time position, employers could receive up to $10,000 as a youth bonus wage subsidy.
If your operation can provide genuine opportunities to up-skill and develop trainees, then this scheme makes it very worthwhile.
2. Business Growth Grants
Provided by AusIndustry as part of the broader Entrepreneur's Programme, a grant of up to $20,000 is available for small-business owners to improve their operations through:
- An independent business evaluation
- Supply chain facilitation
- Growth management services
- Tourism partnerships
An experienced and independent advisor can help you figure out how to grow your business sustainably.
Experienced advisors will work with you to review your strategic plan and provide practical recommendations. Keep in mind that businesses will not receive funding to repair issues with their current business operations. The grant will be offered to action the suggestions in the report, as it is about driving growth and enabling the implementation of new projects that will improve businesses.
To be eligible for the free business valuation – which is well worth the while, even if you don't receive funding – your business must be a registered company with a GST number. Furthermore, it must operating for at least three years within a growth sector, such as food and agribusiness, medical technologies, and be turning over at least $750,000 each year.
While many startups won't be able to access this funding, if you are taking over an existing operation that meets these criteria, then it's well worth looking into.