Changes to Business Evaluation and Business Growth Grants
Last month, we commented on the Business Evaluation and Business Growth Grant, part of the Entrepreneurs’ Infrastructure Program.
Last week, the Australian government announced some significant changes to these grants. This resulted in the following industries being withdrawn from the eligible industries for support:
- Energy, Water and Waste Management
- Tourism Sector
- Creative Industries
- Medical, Hospitals and other Health Care Services were withdrawn from industries eligible under the category ‘Medical Technologies and Pharmaceuticals’
There were also changes made to the definition of an eligible business in remote locations.
The revised list of eligible industries for the Business Evaluation program and the Business Growth Grant are as follows:
- Advanced Manufacturing
- Mining Equipment Technology and Services
- Food and Agribusiness
- Oil, Gas and Energy Resources
- Medical Technologies and Pharmaceuticals
Enabling Technologies and Services – this relates to businesses that provide enabling and supporting technologies or services to one or more of the five growth sectors, as listed above, from the following industries:
- Freight and Logistics
- Infrastructure Related Construction (including construction, energy, transport, water, communication and waste)
- Information and Communication Technology (ICT)
- Professional Services
If your business is from one of these four categories, you could be eligible, if you’re working with one of the five growth sectors mentioned above.
The eligibility requirements for the industries identified in this article are as follows:
- The business must be operated by a company or by a company acting as trustee of a trust.
- The minimum turnover requirement is $1.5million ($750,000 in remote and very remote locations) and the maximum turnover is $100million.
- The business must have been operating for three years.
- Grants of up to $20,000, on a 50/50 basis, are available to assist SMEs to instigate business improvement strategies.
Export Market Development Grant
The Export Market Development Grant aims to assist with the development of exports by Australian businesses. Businesses that have spent in excess of $20,000 on eligible export market development activities are able to claim 50% of that expenditure, up to a maximum of $150,000. Applications have to be lodged by 1 December 2014.