Wouldn’t it be nice to obtain a Grant?
Are you thinking of growing your Australian business further but haven’t got working capital and are thinking about government assistance to help you get there. Well here is some information to help you get there.
Some of your options are:
seek government assistance such as grants or free information
seek a government grants agency who specializes in obtaining assistance from government agencies
seek banking finance
There is a good website which is a really good starting point that outlines many grants and business assistance with related links to relevant information.
do some searches for keywords each relate to your business
www.business.gov.au is a great source of information.
This also provides the links directly to local , state and federal government assistance programs.
It is important to apply but not rely on grants successfully paying you funds. Always plan your growth as though you will not get the grant.
For business startups there is generally no financial assistance, however there is free business advice. Such as the small business support line 1 800 777 275 or business enterprise community www.becaustralia.org.au or call 130-036-3551.
Other innovation grants you may wish to check out are
Our firm enjoys providing start up business advice, it covers teaching new businesses what they need to do to get off to the right start in business. More about this service here.
So generally speaking, for initial startups there is government assistance in the form of information. But for established businesses further advice and specialized advice and grants may be possible.
Grants are a mostly used to encourage research and development projects. But they may be for many different purposes and varying amounts.
To check government websites is a useful source of information or to your business consultant or accountant for specific information.
Companies looking for a rapid expansion or are thinking bigger may wish to win tenders.
The useful weblink for South Australian businesses is https://www.tenders.sa.gov.au/tenders/index.do
It is important to demonstrate good management skills in the business in any tender application.
You must provide all information required in the application process, you only get one opportunity to make a good impression so it’s best to get it right first time. Also many of these tenders may be closing so you need to get in while it remains open.
Approaching for finance
Your banker or finance broker can be a valuable free tool, in exchange for services such as transaction products. They may be able to provide assistance in business decisions and question your planning.
If a bank or finance broker cannot provide financing it will generally provide you advice on why you are unable to receive finance at this stage and may give you advice as to how to rebuild or develop to obtain finance in the near future.
Banks will tend to look favorably upon a strong application which includes security, business planning, financial projections, experience and management expertise.
Some simple short-term financing arrangements include overdrafts and business credit cards.
Longer-term finance over 5 to 10 years includes loans.
It is important to guard your business adequate working capital server it does not suffer lack of liquidity while growing down the track.
Banks normally only take on quality applications so do try finance brokers if unsuccessful with banks, I can introduce your to a good finance broker .
Additionally contact us about quick equipment finance or up to $100,000 unsecured business loans subject to approval if you are a Xero accounting software user.
Private loan funding
Increasingly in the current low interest rate world we are experiencing some investors may be willing to lend money to businesses in the form of a fully documented private loan at attractive interest rates of say 8%. Speak to us if you need some guidance in formalising such an arrangement. But if you can attract a suitable private borrower, typically friend or family, why not persue this as a means to obtain finance to grow a business.
Call Romeo on 83374460 or schedule an appointment now, if you need any assistance approaching government for assistance or if you need finance to grow your business.
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