Small business owners often have big ideas but are limited by resources and funds, however there are funding options that do not involve taking out loans. The Government grants are offered to some businesses to help build their business and make them more competitive.
Grants to ‘Grow Your Business’
The Grow your Business program aims to help small businesses become internationally competitive by helping to create and implement strategies. It offers both one-on-one and group programs.
To be eligible, an individual business must be based in Victoria and make an annual turnover of over $500,000. If you are involved in the group or network program, each business must make a turnover of over $250,000 per year.
Each stream of the program offers different amounts of funding as follows:
- Business Development Plan – 50% of total project cost up to $7500
- Business Strategic Review – 75% of total project cost up to $4000
- Group and Network Programs – 75% of total project cos up to $ 15,000
For more information on the Grow your Business program visit the Business Victoria website.
Grants to up-skill you and your staff
The Industry Skills Fund is a federal government initiative to up-skill you and your staff to enable business growth. The Fund pays up to 75% of the cost of training you and your staff where the (both accredited and non-accredited) training can be linked to enabling business growth. The funding percent decreases to 25% for businesses with more than 200 full time equivalent employees.
For more information about the Industry Skills Fund, visit www.business.gov.au/assistance/industry-skills-fund.
Regional Development Victoria also offer grants to small business owners that help to develop rural and regional Victoria. Use their site to search for grants in regional areas.
More information about grants
For more business grants and support, take a look at the Business Victoria’s Support for your Business page.
For a comprehensive list of grants available for business throughout Australia, go to http://www.grantguru.com.au/. Sign up to their updates to get notified on new grants available for your business.
You can also discuss your options with a mentor from Small Business Smart Business.