Philip Doyle, Trade, Investment and Government Incentives specialist, discusses grant programs currently available to Australian businesses.
The Australian Federal, State and Territory governments provide a number of grants to Australian businesses to fund key projects and activities to help them innovate, find new markets or help them to grow. Navigating the grants landscape can be complex and businesses are often unaware of what funding is available, whether they’re eligible for assistance or how to apply. KPMG has an experienced national grants practice that can assist businesses in identifying suitable funding opportunities and in preparing or reviewing applications.
Some examples of the grant programs that are currently open for applications to support businesses are outlined below.
Accelerating Commercialisation grants of up to $1 million are available to assist Australian entrepreneurs, start-ups, researchers, commercialisation offices and small and medium enterprises (SMEs) to address the challenges associated with commercialising novel intellectual property (IP) in the form of new products, process or services. Accelerating Commercialisation is an ongoing and competitive program.
Export Market Development Grants (EMDG) are available via a yearly program that reimburses 50 percent of eligible export promotion expenses, up to a maximum of $150,000. EMDG is a non-competitive program, however the eligibility requirements can be difficult to navigate. Applications for the year ended 30 June 2017 must be submitted by 30 November 2017.
The Advanced Manufacturing Growth Fund (AMGF) is looking to support capital projects to establish and expand advanced manufacturing activities in Victoria and South Australia. The program aims to transition the manufacturing sector and improve the overall efficiency and competitiveness of firms and the broader economy. Grants of up to $2.5 million are available to businesses with less than 199 full time equivalent employees. AMGF is a competitive program and applications close 14 August 2017.
Regional Jobs and Investment Packages (RJIP) grants are aimed at supporting the diversification of targeted regional economies, stimulating economic growth and delivering sustainable employment in the regions. Grants of up to $30 million are available to assist certain businesses in the target regions of Geelong VIC, North Coast NSW, South Coast NSW, Tropical North Queensland, Wide Bay Burnett QLD and Bowen Basin QLD. RJIP is a competitive program and applications close 31 July 2017.
For further information about any of the above programs, or if you have any general grant queries, please get in touch.