Government Grants up for Grabs
Need help to start or develop a business? Mariana von Lucken leads us through the maze of government grants and concessions that can make the difference between success and failure for many projects.
The range of government grants and concessions to assist both start-up and existing businesses is continually expanding. There is now something for almost any business, large and small, regardless of the area in which they operate.
Unfortunately, many businesses that are aware of these grants can be put off by the application process. However, many are very worthwhile and can underwrite activities that businesses might not otherwise be able to afford, or make the difference between profit and loss on some activities.
You can research and apply for most of these grants and concessions online, making it much easier to take advantage of such opportunities. Here are some of the main grants, tax concessions and offsets.
GRANTS
Commercial Ready Grant
This program, established in September 2005, provides funding to
organisations seeking to develop a new product, process or service.
Its aim is to improve the competitiveness of Australian businesses in the global marketplace and foster collaboration between industries and research institutions.
The Commercial Ready program provides grants of between
$50,000 and $5 million to small to medium sized businesses for projects of up to three years in duration. Companies can apply for funding to meet up to half the costs of eligible expenditure incurred in developing a new product, proof-of-concept, and early-stage commercialisation activities.
More information is available at www.ausindustry.gov.au
Textiles, Clothing & Footwear (TCF) Small Business Program
Small businesses in the TCF industry that are looking to improve their business enterprise culture may be eligible for a grant of up to $50,000.
Such a grant is intended to keep the business focus on the maximisation of commercial returns on products and services, financial growth and expansion, and also help develop and maintain competitive market edge.
The grant is only available to businesses that have not already received, nor is likely to receive, funding from either the TCF (SIP) Scheme or the TCF Post-2005 (SIP ) Scheme. Applicants must also make a cash contribution to the project.
TAX CONCESIONS
There are a number of tax concessions available when research and development (R&D) is undertaken.
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