There are a wide variety of grants available to SMEs from the Australian Federal and state governments, providing small businesses with funding of often up to $1,500,000, but business owners claim they are too hard to apply for and cannot see the benefit.
Grants such as Territory Business Growth in NT offer up to $10,000 to small businesses in order to assist in the establishment and growth of viable businesses within the territory. The Tasmanian Industry Support Scheme will provide loans to Tasmanian businesses at risk of closure of up to $2,000,000 to help them recover from the GFC.
While some of the grants offered by state and federal governments are either loans or dollar-for-dollar matching payments made to businesses with existing capital, many are outright grants designed to help boost innovation and business performance, improve employment rates throughout the country, and encourage ethical practices amongst Australian businesses.
Whether because of a lack of awareness of these opportunities, or an unwillingness to make the effort of undergo the application process, these grants are not being properly taken advantage of. As a result, many businesses are not achieving their full potential, failing to grow because of a lack of funding and often even closing their doors.
For more information on what grants are available, who is eligible for them, and how to apply, visit the appropriate state government website, or the Australian Federal website at www.australia.gov.au.