The best small business grants up for grabs now
Looking for free money to boost your business? Here are seven small business grants available now, plus tips on writing a winning application.
For Australian eyewear brand Billy Boston, winning a grant through Austrade’s Export Market Development Grants program a few months ago was a game-changer. For the next three years, the business will be reimbursed for half of its expenditure on overseas marketing, up to a maximum total spend of $76,000 per year.
“It’s fantastic, because otherwise we would have had a very limited budget for marketing, and especially for overseas marketing, which is a bit of an unknown,” says Billy Boston co-founder Angela Sweeney. “It's terrific to know that when we do make that investment, we’ll get 50 per cent back. It makes it a little less daunting.”
In Australia, there is a range of government-funded grants up for grabs, offering support to start-ups and growing businesses. Often they’re specific to particular industries, age groups and locations. And the good news: state and federal governments and industry groups are typically eager to provide grants because they stimulate the economy and lead to job creation.
"A grant is about adding value to a business."
“A grant is about adding value to a business, but not so much around business as usual,” explains Janine Owen, founder of Australian grants agency Grant’d. “It can help a business to launch or to scale – either to enter a new market, or to launch a new product."
Seven great grants to boost your business
Export Market Development Grants (EMDG) | Varying funding value | Closes August 2022
The EMDG grant is designed to help Australian businesses grow their exports in international markets and promote their goods and services globally. There are three different grants available for two- or three-year periods and for different funding amounts, depending on the maturity of the business’s exports. There are also grants for industry representative bodies to help their members become export-ready and export successfully.
Grant winner Billy Boston will use the funding to market its products in the United States and the United Kingdom.
"Before you start the application, sit down and nut out your marketing plan."
Sweeney’s advice to future applicants is to have a marketing plan that is detailed and certain, to increase the potential value of your grant. “Before you start the application process, sit down and nut out your marketing plan and your budget and forecasting, as this will dictate the amount you receive,” she adds.
Accelerating Commercialisation Grant | Up to $1 million | Ongoing
This is a federal government grant for business owners, start-ups and researchers who have a novel product or process they wish to commercialise. Under the program, financial assistance of up to $1 million is given to eligible businesses on a matched funding basis (50 per cent of a project will be paid for with this funding, while the applicant needs to show it can fund the other half). The grant also comes with expert advice to help grow an idea, scale up and expand into global markets.
Minimum Viable Product grant (MVP) grant | Up to $25,000 | Ongoing
Minimum Viable Product (MVP) grants are designed for pre-revenue tech start-ups based in New South Wales. The aim is to help them engage with a potential business customer, or channel to market, to achieve market validation and first sale. An MVP grant is a matched funding grant covering up to 50 per cent of approved project costs, to a maximum of $25,000. Successful grant applicants will receive 35 per cent of the funding up-front, with 65 per cent to come after completion and validation of the MVP.
Investing In Queensland Women Round 2 I Up to $15,000 I Closes 31st July
Queensland-based community groups and organisations can access event or project funding for activities that will address the unique issues faced by women and girls, and increase their capacity to participate fully in social, economic and cultural opportunities.
Boosting Female Founders | $100,000 – $400,000 I Round 3 now closed; Round 4 to open in 2023
This grant is for female founders with start-ups who are seeking to scale their business innovations into domestic and global markets. The program provides targeted support on a co-contribution basis, as well as mentoring to a select number of eligible applicants.
“This is one of the most competitive grants,” says Owen. “It typically receives 2000 expressions of interest. Of those, 150 will be selected to go through to round two, with 35 winners declared.”
LaunchVic Building a Vibrant Regional Victorian Startup Community | Between $50,000 – $300,000 | Closes 21st July
This grant is seeking ideas that will support start-up entrepreneurship in regional Victoria and increase the number of early-stage start-ups. Successful applicants will receive funding of between $50,000 and $300,000 (exclusive of GST) for up to two years. Unlike most grants, the funds received can be used for operating costs.
Major Event Attraction (Stream Two) | From $100,000 | Closes 4th October
This grant is part of the Regional Events Acceleration Fund, which aims to boost the economic and social recovery of regional NSW by attracting large new events to regional areas and helping major existing events become bigger and better.
Funding applications for Stream Two can be made for a minimum of $100,000 with no cap on the maximum grant application amount. However, Stream Two applications must have a minimum financial co-contribution of 25 per cent of the total grant amount. Applications will be assessed in terms of value-for-money and the event’s ability to deliver strong economic benefit to regional NSW.
5 secrets to securing a grant
What to know before you apply for funding
1 Plan ahead
Grant applications often end up taking much longer than anticipated, so leave plenty of time to eliminate last-minute panic. Sweeney spent around 40 hours over 12 weeks applying for Billy Boston’s grant, and an external agent coached her through the process. As time is one of a business owner’s most precious resources, be sure to check eligibility requirements carefully to avoid investing effort on a grant application that cannot be won.
“The biggest mistake people make is applying for a grant without being in a position to receive it."
“The biggest mistake most people make is applying for a grant without being in a position to receive it,” says Owen. “It could be a hairdressing salon that's applying for the Boosting Female Founders grant. That grant is all about scaling to reach international markets, which simply isn’t possible for a hairdressing salon.”
2 Consider a grant agency
It may be worthwhile to enlist the help of a grant agency at the beginning – to help define your application strategy and articulate your need for funding – and then again before submitting the application for review.
3 Ensure your application is future-focused
It’s also important to remember that grant funding is for the future, and cannot be used to pay for existing commitments or past projects, or to pay salaries or other regular business expenses – unless explicitly stated. Think long-term, because the process itself is lengthy: there is generally at least a six-to-nine-month turnaround between applying and the funds being disbursed, and many grants have multiple stages.
4 Use data
Wherever possible, utilise data to strengthen your application.
“If you say something like, ‘My business exists to ensure that every woman has access to learning,’ use data to state how many women you aim to reach,” advises Owen. “Data adds credibility and [helps a] grant reviewer see that the outcomes are measurable and achievable.”
5 Check out past winners
This will help you get a sense of what sort of businesses are successful in securing particular grants, and whether you might be eligible. Also consider what made a winning business stand out. As Owen explains, the winner of a grant like Boosting Female Founders usually has a powerful and inspiring founder story to tell – take a look at previous winners here.
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