Grants Assist supports businesses and non-profits across Australia. Read on below to learn about how we can help you secure the funding you need for your next project or initiative.
The Importance of Funding
It is unfortunate that when making business plans – whether for launching a new idea, rolling out a new initiative, or expand existing programs or services – too many people make the mistake of relying solely on or too heavily on personal savings or business profits. Grants Assist is in the business of helping entrepreneurs, businesses, and non-profits secure the funding they need via grants to promote growth and innovation.
In general, using personal savings or business profits for growth or to launch your business is fine. Doing so may even be recommended if your idea or initiative is time-sensitive or you require an immediate market entry. You just need to be sure to balance your funding requirements with potentially losing some control of decision-making and the ever-relevant risk of taking on debt.
However, if time is not a constraint, it makes sense to explore alternative options and look into the many support systems – the financial support, training, guidance, design services, marketing services, human resources services, and more – that can be leveraged to achieve your vision.
This is where small business grants and Grants Assist can help. Small business grants are sometimes called free money, but not many people understand the intricacies of how they work, how to apply for them, and how you can use them.
Below we talk in detail about small business grants and how they work. We also discuss eligibility criteria and provide examples of use cases.
Understanding Small Business Grants
Small business grants typically come in the form of money or incentives. They can be offered by federal or state agencies, but unlike loans, they do not need to be paid back. They can be given to businesses, individual entrepreneurs, and non-profits. These are often provisioned as business grants, financial incentives, employee training programs, business mentoring programs, and low-cost loans.
Grant sizes typically fall within the $5,000 to $500,000 range, based on the type of grant it is and the business use-case for which it is needed. You may be exempt from grant limits, however. This may apply if you, for example, have an innovative product or service that shows potential to benefit the economy.
Almost all grants will be categorized based on the use-case, recipient, or industry. For example, some grants are offered to women only, while others can only be used for training or development. Others may be designated for use in a specific field such as healthcare or IT, while others may be used for purchasing assets or for making environmental-friendly changes to your operations.
Although grants need not be paid back, they almost always come with very rigid eligibility requirements, and they tend to be very competitive. Depending on your industry and the type of grant you are seeking, there can be many hundreds of options from which to choose. The size of your business, your industry, and your location also come into play.
While winning a grant can open doors to new opportunities and can make growing or launching your business a little easier, finding the right grant, applying for it, meeting all qualification requirements, and submitting your proposal can be a daunting task. Helping businesses and non-profits navigate the grants space is what Grants Assist specializes in.
There are over 600 different types of assistance programs currently available to businesses in Australia, but the difficulty of navigating them need not be a deterrent to applying. Our consultants can guide you in the right direction and simplify the process for you.
Don’t let your business fail because you didn’t have access to the right resources at the right time. Grants Assist can guide you to the right opportunities. Here is how the process works.
Assessments, Eligibility, and Qualification Criteria
First, we conduct a quick assessment to see if you meet the basic eligibility criteria for assistance. These criteria are being an Australian or Permanent Resident and being above the age of 18. You must also have a small business, a startup business, or a non-profit for which you need funds. You cannot be undergoing a period of bankruptcy, however, because you will not be eligible for a grant. This is because grants are for starting up or growing your business and are not to be used as a bailout for a failing enterprise.
If you meet the criteria above, you will be asked your location. Many grants are location-based, so where you operate comes into play. Your project must also lead to job creation in the Australian economy. If it does (or will likely do so) then Grants Assist and our services can help you find the funding you need.
Depending on the grant you are seeking, you may need to meet additional qualification criteria, such as working in a certain industry or hiring employees of a certain background. We can help you understand these restrictions and apply to the grants that are right for you. We will also help you design a business plan to showcase your idea and demonstrate how it will satisfy the criteria of the grant you are pursuing, whether that be job creation, innovation, training, or otherwise.
The Final Word
At Grants Assist, we support businesses and non-profits across Australia. Every entrepreneur knows that it’s not easy starting a business or growing an existing one. Studies have found that 8 out of 10 entrepreneurs fail within the first 18 months due to cash flow issues and falling into debt. This is why it is critical to take advantage of any support systems that are available to you. Grants and financial incentives ease the burden of raising capital and allow you to focus on what’s most important: growing your business.
As discussed above, grants can be used for almost any business-related initiative, from covering startup costs, growing an existing business line, hiring workers, entering new markets, or even conducting research and development. You can, for example, find training subsidies to upskill your employees, or perhaps a business mentoring program for yourself. The opportunities are many and the use-cases are virtually limitless, so don’t constrain your business when you have rich options to explore.
Call us today to learn more about the grants that are available for your industry or location. Our friendly and knowledgeable consultants will walk you through everything you need to know about available opportunities, how to apply, and what to expect along the way.