For a business of any size, a grant can do wonders to help relieve financial pressure and allow for growth and expansion, but this is especially true for small businesses. If you’re a small business owner and would like to receive a financial boost, a small business grant might be an option worth considering. Before you start applying, learn more about what small business grants are, the types of grants available and more.
What is a small business grant?
A small business grant is an amount of money or an expense reduction that is provided to a business if they meet specific criteria outlined by the grant provider. This financial assistance is designed to aid small businesses in their start-up phase, as well as throughout their growth and expansion. Grants may be aimed towards small businesses operating in a certain industry or region, or for members of specific communities or demographic groups. They can vary greatly in value, ranging anywhere between a few hundred dollars and tens of thousands or more.
In Australia, small business grants are typically offered by the government (both federal and state governments), some not-for-profit organisations and select private businesses. The number of grants available at any one time varies throughout the year depending on the industry and the amount of funding secured to support each respective program.
Who qualifies for a small business grant?
Most small business grants in Australia have a prerequisite that applicants need to hold either a current Australian Business Number (ABN) or an Australian Company Number (ACN). Other than the requirement for an ABN or an ACN, the criteria for each grant typically varies. To learn if you may be eligible for a grant, take some time to read through the criteria outlined by the government, organisation or business that will be awarding the grant.
What are the requirements for a small business grant?
As small business grants are developed by different governments, businesses and organisations, the requirements for each grant do vary. A small business grant in NSW, for example, may have a different selection criterion to another offered in Victoria, while government and non-government organisations tend to also have different requirements. To find out what’s required for each grant you’re considering, read through the selection criteria and any accompanying requirements.
How can I get a free business grant?
To receive a small business grant, it’s likely that you’ll need to undertake an application process. From written applications to online forms, the methods used do vary and you will need to tailor your application accordingly.
To help increase your chances of success when applying for a business grant, there are a few simple things that you can do. Before you submit your application, ensure that you:
- Complete the application in its entirety.
- Tailor your application to the specific grant.
- Give yourself plenty of time to complete your application.
Do small business grants have to be paid back?
In most cases, a business grant does not need to be repaid. This being said, however, certain key performance indicators (KPIs) may need to be met as a condition of receiving a grant. Before you apply for a grant, it’s always important to read the conditions of the grant and find out what would be required of you and your business if you were successful.
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