5 Aussie Business Grants You May Not Know About
Perhaps the biggest hardship involved in getting a business grant is knowing what grants are available. The internet contains so much information that sometimes it seems you are going around in circles – genuinely useful information remains tantalisingly just out of reach.
One way to find out about business grants is to network with people who know the ropes; fellow business people who have experienced what you are going through and know how to cut through red tape.
In the meantime, here are five business grants you may not have heard about, and for which you could be eligible.
From tax breaks to research and development
1. The $20,000 tax break
Small businesses are encouraged to purchase assets up to the value of $20,000 and receive a tax deduction on its value. Prior to this small business incentive in the current federal budget, Australian businesses could only claim on assets up to $1,000. The idea is small business will be stimulated to buy equipment earlier on, rather than waiting until they begin to make a profit, thereby advancing their business plans and achieving faster growth.
2. Grants for women in business
The federal government issues grants to women that do not require paying back. Grants start at a few thousand dollars, up to hundreds of thousands. It costs nothing to apply, and women operating a small business can apply for up to eight grants at any time.
3. Research and development incentive
The Research & Development (R&D) Tax Incentive helps businesses that may be developing new processes or products. The cost of doing this can be offset against your tax. So if you are in the textile industry and you’re working on a new fibre, the cost of doing this could be eligible for tax deduction status under the R&D Tax Incentive scheme.
4. Local government grants and sponsorship’s
Local government plays a big part in promoting small business because a city’s prosperity and liveability is reflected in the shops, cafes, and services that it offers. Small business grants and business events sponsorship programs (helping you stage an industry dinner for example) are two kinds of funding you can get from local government.
5. Indigenous business grants
Indigenous Business Australia is the Commonwealth-funded program for Indigenous Australians. Business planning services, advice, finance and even business training courses are available to businesses where at least one of the applicants is Indigenous and 50 per cent of the ownership of the business is by a person of Aboriginal or Torres Strait Islander descent.
Opening the lines of communication
While you’re running about trying to sort out a grant, someone needs to be answering the phones. If you’re a sole operator that’s easier said than done.
Get your business a toll free number, such as a 1800 number, a 1300 number or even a Smart Number with your business name. These numbers inspire customer confidence, allowing your business to present a professional image to customers.
When provided by eVoice, they come with digital phone features such as a Customised Greeting, Call Forwarding and Voice-to-Email, where your phone messages are emailed as an audio file to your computer for listening to at your leisure and archiving for later consultation.
Using professional, 24/7 reception methods that usually only bigger businesses can afford means that when the all-important call about your grant comes in, you won’t miss it!