A List of Startup Funding and Grant Opportunities
Securing Australian funding and grants can be a pretty daunting prospect. Fortunately, the government and startup ecosystem are gearing towards growth with various funding and grants opportunities available to startups who look for them. At Allied Legal, we have provided a run-down of the available startup funding and grants opportunities for you below:
Accelerating Commercialisation
If you need initial funding for your startup, try applying for the Accelerating Commercialisation Grant. The startup funding assists startups, small businesses, researchers, and entrepreneurs to commercialise their new technology. The program is a key offering under the Entrepreneurs’ Program which gives early-stage startups access to a network of advisors and industry experts. If you are an Australian startup you will be able to submit an application at any time.
Advance Queensland Initiative
Developed in 2014, the Advance Queensland Initiative aims to maximise growth in the startup community. The initiative has played a hand in boosting entrepreneurial culture in Queensland, improving access to finance, new business opportunities, and management support. Advance Queensland is delivering funding and programs to Queensland startups, small and medium enterprises to develop the skills and knowledge needed to scale their ventures. Currently there are more than 30 programs under the initiative ranging from commercialisation partnerships, workshops, and funding opportunities. Programs like the Business Growth Fund Program (BGF) are offering single payments of up to $50,000 to put toward the purchase of specialised equipment to maximise economic returns. To discover more programs under the Advance Queensland Initiative you can follow the link.
Boosting Female Founders Initiative
The Australian Government has provided substantial funding to the Boosting Female Founders Initiative. The grant assists female entrepreneurs in launching their startups by providing 50% of eligible project costs. The initiative also provides mentoring and support to startup founders. The grant is intended to promote female-led entrepreneurship by breaking down the financial barriers founders face when scaling their startups. It will also enable female founders to expand their offering into domestic and global markets, boosting the economy and expanding the number of job opportunities. Successful applicants including Liesl Yearsley from Akin, and Joanne Howarth from Planet Protector Packaging attribute their rapid expansion to winning the gov grant. You can find out whether your startup is eligible by following the link.
Small Business Digital Adaption Program
The Small Business Digital Adaption Program, implemented by the Victorian Government, assists sole traders, startups, micro businesses, and small businesses in accessing software and digital tools. As part of the program, Victoria startups are encouraged to build their digital capacity by improving their online marketing and upgrading their websites. The Victorian Government has partnered with a range of suppliers, allowing Victorian startups to access one of the approved products for 12 months, along with unlimited free product training. Follow the link to find out more.
COVID-19 Startup Funding
Assistance to startups, small and medium sized ventures during the COVID-19 pandemic has eased the financial strain felt by many businesses across Australia, particularly whilst restrictions were enforced. In fact, the Victorian government announced a new $807 million business support package in response to the latest lockdown. Programs and funding include Small Business COVID Hardship Fund, Business Costs Assistance Program, and the Small Business Adaption Program. We have also compiled a further list of COVID-19 grants funding below:
Commercial Leasing Rent Relief
During the COVID-19 pandemic the Prime Minister released a Code of Conduct to provide relief to commercial tenants who were suffering hardship due to the pandemic. The relief applies to businesses which have an annual turnover of less than $50 million and have suffered 30% or more loss of revenue because of coronavirus. The relief is set to end 15 January 2022; however, tenants will still have the option of negotiating their rental fees moving forward. To find out more about your rights and obligations, you can select the link. We recommend consulting a commercial lawyer to assist you in negotiating your tenancy after the close of commercial leasing rent relief.
COVID-19 Grants Tax Exemption
Startups, small and medium sized businesses are now exempt from Commonwealth income tax, following requests made by the South Australian Government. The update to COVID-19 grand funding will assist startups who will no longer be required to pay income tax on their support grants. Eligible startup covid grants include business support packages like the COVID-19 Business Support Grant and the COVID-19 Additional Business Support Grant. To find out whether your startup is an eligible business you can follow the link.
Resources for First Nation Founders
Though still a minority within the startup ecosystem, First Nation founders are gradually being recognised for their diverse and innovative ventures. Elevating and promoting the visibility of First Nation founders are accelerators like Barayamal and programs such as Kinaway and Ngarrimli. Dedicated founders like Niyoka Bundle from Pawa Catering and Jesse Martin from The Streets Movement are amongst a new wave of dedicated entrepreneurs bridging the disparity gap between First Nation and Western founders. To learn more about available startup funding opportunities for First Nation founders you can follow the link.
Sustainability Startup Funding Boosts
The Australian government has been offering resources and startup funding for ventures looking to invest in a clearer future. Amongst the programs include Community Climate Change and Energy Action Program that’s offering small business grants for Victorian startups and the Small Business Energy Saver Program providing various rebates and discounts for green startups. A more extensive list is available via the link.
If you need help finding the right grant for your startup, or if you need help with your grant application, we are the team to contact. At Allied Legal, our grant specialists offer savvy advice and guidance on the right business support for your startup. To find out more, you can connect with our grant specialist team on 03 8691 3111 or send us an email at hello@alliedlegal.com.au
