Are you a small business owner in New South Wales looking for financial assistance to grow your business? With so many grants available, it can be overwhelming to determine which ones are the right fit for your specific needs. In this article, we explore the top grants for small businesses in NSW to help you achieve success.
1. The Small Business Grant
The Small Business Grant is a program offered by the NSW Government that provides funding of up to $10,000 to eligible small businesses. The grant can be used for a variety of purposes including marketing and advertising, fit-out costs, and staff training.
To be eligible, your business must have fewer than 20 employees, an annual turnover of less than $2 million, and be in an industry that is not prohibited from receiving the grant.
2. Export Market Development Grant
The Export Market Development Grant is a program offered by Austrade that provides financial assistance to businesses looking to expand into international markets. The grant can cover up to 50% of eligible export promotion expenses, with a maximum grant amount of $150,000.
To be eligible, your business must have fewer than 50 employees, an annual turnover of less than $50 million, and have spent at least $15,000 on eligible export promotion activities in the past financial year.
3. Innovation Grants
NSW Innovation Grants are available to businesses of all sizes, with funding amounts varying based on the size and stage of the business. The grants aim to provide support for innovative projects that have the potential to create jobs and stimulate economic growth in NSW.
To be eligible, your business must have an ABN and be registered in NSW, have fewer than 200 employees, and be working on a project that promotes innovation and has the potential to create economic growth.
4. Research and Development Tax Incentive
The Research and Development Tax Incentive is a program offered by the Australian Government that provides tax offsets for businesses conducting eligible research and development activities. The program covers up to 43.5% of eligible R&D expenses for small businesses with an annual turnover of less than $20 million.
To be eligible, your business must be conducting eligible R&D activities that involve innovation, be incorporated in Australia, and have registered for the tax incentive.
In conclusion, there are a variety of grants available for small businesses in NSW to help them achieve success. By taking advantage of these programs, you can access financial support to help your business grow and thrive. Be sure to carefully review the eligibility criteria for each grant and submit a strong application to increase your chances of receiving funding.
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