What you need to know about Small Business Grants

(Newswire.net — September 1, 2014) Adelaide, SOUTH AUSTRALIA — A small business grant can help get a start-up off the ground or it can help an existing small business grow and develop. The Australian Government understands the importance of the small business sector for the economy. For this reason, there are a number of federal and state government grants that are specifically tailored to help the small business owner succeed. In fact, around $480 million of government grants are on offer for small business owners in Australia.

 

Many believe that business grants are difficult to get or only available for large enterprises. The good news is that this is not the case according to Rick Nash, CEO of YourGM, a unique business management and consultancy company. “It’s really about meeting the set criteria,” said Rick. “One of the most important things to have when applying for any government grant is a clear and in depth business plan.”

 

Another useful tip when applying for any business grant is to seek the help and advice of a professional, someone who is familiar with the processes and requirements of business grant applications. Without taking professional advice, the process of receiving a business grant can be long and drawn out, leaving many feeling frustrated and disillusioned with the whole process. “It’s not the fact that these grants are necessarily difficult to get, it’s more to do with understanding the process and working to what is required” said Rick.

 

One of the most important things to remember when applying for a small business grant is to be aware of how long the process is likely to take. Business grant applications are a lengthy and drawn out process. Rick Nash believes that business owners should commit at least one month, if not longer, to preparing and then applying for a grant. Ensuring your eligibility, understanding the objectives of the grant, having the correct application forms and proving all requested information all help to ensure the process goes as smoothly and as quickly as possible.

 

For many, a small business grant is the only way to get their business idea off the ground. Many banks are unwilling to loan money for a startup, while using family savings or remortgaging can put undue stress and pressure on the owner. Another common way in which a business grant may be useful is to help an established owner grow and develop their business, whether that be through launching a new product to the market, taking on additional staff, or expanding their premises.

 

Other reasons for applying for a business grant include using the funds to get access to needed training and further education to develop the business, for those who are looking to undertake research and development, or for those who are looking to export.

Federal and state business grants come in several forms. Some are offered as financial lump sums, with many grants requiring the applicant to also put up finances, commonly anywhere in the vicinity of 25 percent to 50 percent. Some of these financial lump sums may require the recipient to pay them back, as in a loan, while others don’t require the recipient to ever pay back any money received.

 

Apart from cash lump sums, there are other types of grants available to small business owners. The Research and Development Tax Incentive rebate is one way companies can take advantage of the various grant programs on offer. For those who are looking to start exporting or expand their current exports, the Export Market Development grant, which offers rebates for overseas marketing expenses, is a good option. The Industry Skills Fund provides financial support for those who are in need of business training.

 

Small business owners have many challenges to face. Choosing to start a small business and get it off the ground takes dedication, hard work, knowledge and the right advice. Starting a small business and then getting it to a successful and effectively functioning enterprise is not as easy as many are led to believe.

 

YourGM is a unique business management and consultancy service that provides a wide range of services for small and medium businesses. With a dedicated team of business managers and specialists, YourGM can help you with any type of small business grants on offer. Whether it is a short term consultancy or a long term business management service, the advice offered by the expert team at YourGM is tailored to suit your specific business needs, and all for the cost of one employee, leaving you to focus on growing and developing your business.

 

For more information and a free consultation from YourGM, contact Rick Nash via jason@newsworthyvideo.com