BUSINESS ADVICE • 10 JANUARY 2023 • 6 MIN READ

Small business grants in Australia

Happy man looking at some paperwork after receiving a grant for his business

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Small business grants basics

Other support for small business owners

When starting a small business, one of the most challenging hurdles to leap is funding. Small businesses often lack the capital that larger corporations have access to. Therefore, they must seek out alternative methods of acquiring the funding they require.

Fortunately, there are numerous small business grants available for business owners looking to get started. Government agencies, businesses and philanthropists give small businesses grants for specific reasons. Many grants require applicants to meet specific criteria before being eligible for funds. However, with diligent research and preparation, anyone can make a successful application.

In this blog, we will cover

The basics of small business grants
How to apply for a small business grant
Types of business grants in Australia
Other support for small business owners

Small business grants basics

What is a small business grant?

A small business grant is funding that’s given by government agencies, companies or philanthropists, aiming to give entrepreneurs a helping hand to help them start a business, buy equipment, train staff and more.

In general, there’s no repayment for small business grants. However, there could be specific requirements for business owners to be eligible for small business grants. The process of completing and waiting for the final results can be time-consuming and the competition is very high for certain grants.

Therefore, it’s important to find out what type of grant is right for you and your businesses’ needs before your application.

Who can get a small business grant?

Normally, small business grants can be awarded to any type of business from an individual who wants to establish his/her own business, a not-for-profit or a limited company.

You should also be aware that not all small business grants are created equal. Some are better suited for new businesses while others may be more suitable for established businesses looking to take the next step forward.

What should I do before applying for a small business grant?

There are a few things you should know before you start applying.

Firstly, remember that not all grants are free. Many grant programs offer matching funds, with a portion of the award coming from you. Secondly, it’s important to know when grants are available. Some grant programs have specific deadlines for applications, so you’ll want to take this into account.

Additionally, it’s essential to know how to find grant programs.

For government grants, a good source is this website by the Australian Government here.
Grants hub - a paid service which lists all grants across government, local government, philanthropists, private donors and trusts.
Grant Connect - a government-run website with all current Grant Opportunities (GOs) open for application listed.
Local and state government websites

Contact your Beany accountant if you have any questions about applying for a small business grant. They will provide you with guidance every step of the way.

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How to apply for a small business grant?

When applying for a grant, careful planning and research are key. Before you start, you’ll want to set a plan of action and make a list of all the tasks that need to be completed. The following steps will help you apply for a grant successfully:

Identify your funding needs
It’s important to plan how you want to use the funds. Showing the organisation how you plan to use the money will help them to understand your goals and mission. Ask yourself questions such as do you want to use the funding to start a business or grow your business? Is there a particular use for the funding such as R&D? Do you have a product that you need help to commercialise?
Read the eligibility criteria carefully
It often requires a lot of effort and time when applying for a small business grant. The last thing you want is to find out you’re ineligible just before submitting your application. If you’re unsure of your qualifications, contact someone from the organisation directly.
Create a strong business plan
Creating a strong business plan to showcase your vision for your business is essential because it helps the organisation align its mission, values and goals with yours. So be clear on what you want to achieve in every stage of your business and how you intend to manage it. It sounds simple but with all the words swirling around as you prepare your business plan, don’t forget to be clear and concise about what your product or service offering is.
Select the right grant for your business
Some small business grants are industry specific so you can narrow down your choices by searching within the industry. Additionally, many of the grants offer you access to experts or advisors who can help you build the right connections for future investment opportunities.
Fill out the application
This step is self-explanatory but it’s essential not to overlook any details on the application form.
Secure the support of others
Funding is not always provided by organisations. However, a number of schemes are there to provide support and mentorship (e.g, Small Business Mentoring Service (SBMS)).
Follow up on your application
Grants for small businesses are considered 'free money,' so competition is fierce, and the process can take a long time. You should follow up on your application if you haven’t heard back from the organisation but keep an optimistic and realistic attitude.

Small business grants in Australia

There are many types of small business grants available in Australia, so it’s important to select those that are suitable and offer the most benefits to your business. When looking for the right grants, it’s critical to consider the questions and ask yourself:

What is the grant’s purpose?
Are there certain requirements you must meet?
What is the grant’s funding timeline?
When does the grant application process end?

Listed below are some small business grants available in Australia, but it is not an exhaustive list. This link will give you a more complete list. This list only gives you a starting point and gives you an idea of what is out there.

National

State-based grants

Grants for small Australian businesses which are state-specific.

Other support for small business owners

Trying to apply for small business grants but not getting them can be frustrating. However, there’re resources that can help you establish your business and help it grow, from training to networking.

Sydney Startup Hub - this is based in the CBD and is a collaborative space for founders and entrepreneurs to network, learn and share and turn their ideas into reality. It is the highest density space in the southern hemisphere over 11 floors.

Each of the state governments have websites to help support small businesses:

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