Grants for businesses continue to be part of the Australian landscape. Generally, grants are introduced to support a 'structural weakness' and typically support the current Government's political agenda.
For example, the previous Federal Labour Government had a strong emphasis on grants for Climate Change and Innovation whereas the current Liberal Government's focus is targeted towards regenerating the economy through Advanced Manufacturing and Innovation.
In the past, grants have been targeted at Structural Adjustment, Business Innovation, Commercialisation and New Product Development.
In most cases, the larger competitive business grants are federally based, while each state For example, South Australia usually has smaller grants available. State grants are typically targeted at early stage businesses and often focus on business sectors that are important to that state. For example South Australia and Victoria have an Innovation Voucher program (up to $50,000) for manufacturing innovation to combat the potential effects of the upcoming closure of key car manufacturing companies.
Competitive Business Grants
Are assessed against given Merit Criteria and each applicant is competing with other applicants for a limited pool of funds. To be successful, an applicant must score highly in each category, as well as overall. The assessment process is undertaken by independent committees and there is no political involvement.
Competitive business grants, almost without exception, require a contribution from the applicant. This is usually dollar for dollar (for example, a $500,000 project would be granted $250,000 in funding), although some grants expect a higher applicant contribution ratio.
Grants are typically targeted to a project that has a specific start and finish date, with Day-to-day pre-determined activities and outcomes. Grants are rarely offered for the Day-to-day business activities and typically not for business development, marketing and administration.
The grant process is lengthy and will take between 3 and 6 months for an outcome to be known.
Current Major Grant Programs
The flagship programs released by the current Federal Government include:
- The Next Generation Manufacturing Programme
- The Entrepreneurs Infrastructure Programme
- The Growth Fund
- The Industry Skills Fund
See full list of grants currently available
If you are interested in applying for grant funding, we suggest you contact us so we can assess your suitability for these program.
Inventure Partner & Competitve Grants
Inventure Partners has a long history of facilitating successful competitive business grant applications. We secured our first grant in 1978 on behalf of a Sydney telecommunication company and have since raised over $250,000 million in grant funds for companies across Australia.
Grant applications can be a complicated process and it is important to correctly identify and address the key criteria. We work with our clients, taking on the role of team leader and facilitator with an emphasis on the 'strategic intent' of the applicant, i.e. what is the company trying to achieve and how does this intent fit with the grant?
So expect Inventure Partners to review and question your plans for development, production, market entry, finance etc. and to work with you on alternatives. We’ll then work together to ensure that each part of the plan is cohesive and develop a project that will not only win funding but ultimately have every chance of commercial success.
Inventure's head office is located on the fringe of Adelaide's CBD.
PO Box 1248 Unley SA 5061.
Let's Talk - Call: +61 (8) 7325 6288