The federal and state governments make a wide range of government grants and financial assistance programs available to small and medium businesses located in Victoria, and Australia-wide.
Government grants for small businesses and medium businesses are designed to support the advancement of small and medium enterprises (SMEs), and assist business owners to start, grow and expand their operations, develop and launch new products and services, and enter new markets.
Government grants are designed to support Australian businesses, and are not always restricted to a particular industry or sector. Some programs, like the AusIndustry Entrepreneurs Programme, are ongoing and eligible businesses can apply when an opportunity arises for business growth or innovation. Other programs, including those focussed on supporting the purchase of capital equipment to expand and advance the capacity and efficiency of growth-focussed manufacturers, are announced periodically.
These are just two examples of the types of programs, grants and assistance the government has made available to encourage growth of the startup, small and medium enterprises. You can find links to details of Victorian and Australian business grants at the bottom of this page.
Applying for grants
At Matthews Steer we see these growth grants as vital support for clients looking to take the next steps in their business journey, and a much-needed chance for busy business owners to source capital at a time when banks’ lending criteria is getting tougher.
Business grants mean our clients don’t have to rely solely on their sweat equity to get their businesses where they want them to go.
The key to successfully obtaining business grants is knowing when funding is going to be allocated and submitting a compelling application promptly.
At Matthews Steer, we have a dedicated, specialist government grants team available to help our clients to maximise their chances of receiving funding under a wide-range of government grant programs. Our team is resourced to manage government grant applications, reporting and assessment requirements throughout the application period.
The following government grant programs may be available to support your business
Business Victoria Business Competitiveness Program
Round 1 applications are now open for Business Victoria's Business Competitiveness Program. This funding program is designed to assist existing small and medium Victorian manufacturers to expand their manufacturing operations and implement new manufacturing technologies and processes that generate sustainable new local jobs. The program aims to create jobs, increase industry competitiveness, and help strengthen local supply chains in traditional and emerging manufacturing sectors where Victoria has competitive advantages.
Business Victoria will allocate grants of up to 33 per cent of eligible project expenditure, up to a maximum grant amount of $500,000 (on a competitive basis). Projects must be completed within 18 months of grant allocation.
Eligible projects include:
Purchase and commissioning of capital equipment.
Manufacturing product and process improvements.
Prototyping, evaluation and testing of new products and processes.
AusIndustry Entrepreneurs Programme – Business Growth Grant Assistance
The AusIndustry Entrepreneurs Programme provides up to half of the cost of engaging a consultant to assist with a range of business improvement initiatives.
Principal eligibility requirements are annual revenue between $1.5m and $100m from specified industry sectors, including:
Food and Agribusiness
Medical Technologies and Pharmaceuticals
Mining Equipment, Technology and Services
Oil, Gas and Energy Resources
NB: Applications for a number of the following government grant programs require a business plan, so the AusIndustry Entrepreneurs Programme is a foundation program for access to many other government grants.
The R&D Tax Incentive is a broad-based, market-driven program accessible to all industry sectors. It provides a targeted tax offset to encourage more companies to engage in research and development (R&D).
AusIndustry Accelerating Commercialisation Program
Accelerating Commercialisation helps Australian entrepreneurs, researchers, inventors, start-ups, commercialisation offices, and small and medium enterprises address the challenges associated with commercialising novel intellectual property, where R&D has been completed but no commercial sales have occurred.
Applicants can seek up to $1m in grant funding on a 50:50 matched funding basis.
The Export Market Development Grants (EMDG) scheme is the Australian Government's key financial assistance program for aspiring and current exporters. Administered by Austrade, the purpose of the scheme is to encourage SMEs to develop export markets.
EMDG reimburses up to 50% of eligible export promotion expenses above $5,000 to a maximum grant size of $150,000 per annum for up-to eight years.