Since its introduction, Jobkeeper has lent a helping hand to small businesses Australia-wide. However, the friendship ends March 28, leaving many small business owners wondering how to fill the gap once the incentive has gone. The good news is there is still a range of different options available, designed to ensure Australian small to medium enterprises can continue business as ‘normal’.
So, what are some of the other available options? Take a look and you might find one that’s just right for you.
Export Market Development Grant
Administered by Austrade, the Export Market Development Grant (EMDG) is designed to encourage SMEs to develop export markets. Any aspiring and current exporters, get the grant and the EMDG reimburses up to 50 per cent of eligible export promotion expenses above $5,000, provided that the total expenses are at least $15,000. Even better, up to eight grants could be awarded to each eligible applicant, with the maximum grant for eligible applicants $150,000, subject to funds available in the scheme.
Line of Credit
An emerging, popular alternative to traditional bank finance is getting a line of credit. An innovative provider – like Propell – offers quick, paperless applications, fast approval and credit available via a smartphone app. Unlike traditional loans, with a line of credit business loan you only pay fees when you draw down on your available cash. Whether you need cash to purchase a new coffee machine, scale your business or renovate your space, a line of credit can be used for any business need to keep you moving forward again after a crazy year in 2020 due to COVID.
Research and Development (R&D) tax incentive
More of an incentive than a grant, this Federal Government initiative provides targeted research and development (R&D) tax offsets, designed to encourage you to engage in more R&D. Ideally your company’s R&D should add competitive advantages that lead to sales and growth, and if your business currently spends, or plans to spend at least $20,000 on eligible R&D work to create new technology, products, services, or systems that you’ll either use or sell, you could be eligible.
Accelerating Commercialisation Grant
If you’re an SME, entrepreneur or researcher trying to get an original or very different product, process or service to market, this grant can give you access to expert advice and significant funding. The grant includes expert advice and guidance, up to $500,000 of matched project funding for Research Commercialisation Entities and Eligible Partner Entities, and up to $1 million of matched project funding for all other eligible applicants.
To find out more about this and the full range of government grants available for small to medium businesses, go to www.business.gov.au/grants-and-programs. Or if you’re interested in finding out more about a line of credit, contact us!