Small business grants can enable businesses in their infancy to grow, and more established business to expand and diversify. Grants are offered by federal and state governments, and even councils, banks and large private corporations to facilitate all kinds of business activities.
But how do you go about actually securing this elusive cash? We’ve compiled our top tips on applying for a small business grant to give you the best chance of success.
Have A Clear Business Strategy
Small business grants are sometimes offered for specific activities. For example, the City of Melbourne recently delivered grants of up to $10,000 to help small businesses move their operations online as a result of the COVID-19 pandemic. Grants may also be related to obtaining legal support for your business, pioneering social change, or expanding to specific geographical areas. By having a clear business strategy and regularly checking in with where your business is headed, you’re more prepared to apply with intention when grant opportunities arise.
Compile A Grant Information Hub
All grants have different application criteria and submission requirements, but preparing a solid mission statement, elevator pitch and key information about your business will be helpful for all applications. Try compiling an information pack that you can refer to whenever anyone from your organisation applies for a grant.
That could include:
- Clear, succinct elevator pitch
- Overview of key people
- Mission, vision and values
- Growth strategies
- Future goals
- Data on your market and customer base
- Clear financial reporting on your growth over the last 1-3 years
Search For Small Business Grants Regularly
Grants often have short application windows, so keeping abreast of what’s available could be critical to accessing funding opportunities. The government Grants and Programs Finder can help you search based on location, industry and business type. It’s also beneficial to join business networking groups on Facebook, stay up to date with your local council, and do regular Google searches to ensure you’re on top of what’s on offer.
COVID-19 Business Grants
In light of COVID-19, the Australian government is providing cash flow boosts to businesses that turn over less than $50million. The beauty of these cash flow boosts is that you don’t have to apply for them—they’re automatically applied when you lodge your BAS. In addition to COVID-19 government grants, there are additional grant opportunities in each state.
● Tasmania: $5000 grants available to businesses who hire an apprentice or trainee.
● Western Australia: $17,500 grants available to businesses who pay between $1million and $4 million in annual taxable wages.
● Northern Territory: $10,000 grants to eligible businesses, plus an additional $10,000 matched funding when businesses spend their own cash on upgrades.
● Victoria and New South Wales: waived/refunded payroll taxes .
Visit your local government website to explore what’s available in your state.
All this grant chatter got you hungry for more business content? These epic business podcasts will have you fired up to crush the second half of 2020.
Emma is a finance blogger at The Broke Generation and a reformed spendaholic. She shares hot tips on saving, property, tax, career and investing for millennials who want to break the spending cycle and get financially confident.
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