EOFY - Peak season for release of grants
This is the time of the year that we are all finalising our financials and going through the process of 'tax minimisation', (or at least, we SHOULD BE connecting with our accountants to discuss this), but this is also the time of the year when various governments release their larger funding rounds.
To help everyone who is looking at grants & funding & investment for current or future projects, I have just released a new program to share a wealth of the insights and ideas that I have used to help over 50 businesses to access over $7.5M in investment & funding in the past 4 years.
To check it out, go to my NEW website HERE, and please also share this with anyone else in your network who wants to know how to get the most out of identifying and applying for funding, too.
Below are the top 7 programs that I work with business on. There are others, but these are the ones that are open NOW or within the next 4 weeks.
There is a LOT of work to prepare for each of these programs, but once the basic work is completed for one, most of the same information is required to apply to the others, too. Also, it is actually possible to access a combination of programs for the same project at times, so that helps.
Due to the 'tightening' of the amount of funding available, the increase in people applying for grants and the DECREASE in the quality of many of the applications, most programs now require an initial Expression of Interest (EOI) and then they 'invite' businesses to lodge a full application for those projects that they are interested in.
Ideally, these sources of funding are designed for INNOVATIVE projects. There are NO PROGRAMS for covering the costs of operations. Also, they are all MATCHED FUNDING programs, meaning that the balance of the costs of the project need to come from a combination of revenue, lending & investment (either by the owners of the entity or external investors).
So, here we go:
Federal Government Programs
Export Market Development Grant - Released in July (hopefully)
This was due to open last week, but AusTrade has delayed the release of this funding pending further consultation with the Federal Government.
When the new release date is announced, I will let everyone know.
Accelerating Commercialisation - All year round
This program is always available through an 'Expression of Interest'
It is to assist people to get a product or service to market BEFORE sales have been made.
It provides matched funding in the development stage of a project, up to $1M
Research & Development Tax Incentive - From 1 July
This program is also for the development of new products & technology.
The applications are lodged to AusIndustry for approval of the projects, but then the application for the rebate is lodged by your Tax Agent in your Company Tax Return.
This can be lodged at ANY TIME from 1 July to 30 April for any given financial year.
The rebate is 43.5% of any amount of money spent on a project in a financial year, including some payments made overseas and owner / director wages.
Early Stage Innovation Company - BEFORE 30 June
If you are eligible for the R&D Tax Incentive & you engage with Accelerating Commercialisation & satisfy a number of other criteria, your company may qualify as an ESIC.
What this means, is that WHEN you are looking to source investors for your next stage of growth or to invest in the development of your product (as is required by a number of these programs), those investors COULD be eligible for a tax credit AND sell their investment after 12 months WITHOUT paying Capital Gains Tax.
This is something that is also managed by your Tax Agent & is not commonly known about.
It is not a direct benefit for the company itself, but is designed to increase the likelihood of accessing investment.
Then, there are the Queensland specific opportunities;
Queensland Government - Small Business Grant Schedule
Business Boost Fund - Opening in July
Funding is available up to $15,000 for specialty advice
Specifically designed to assist business to boost productivity & get efficiencies in processes
There are 3 areas that are funded;
- Future planning, Specialised Automation Software, and Staff Development
Business Growth Fund - OPEN NOW
Funding for $25k to $50k for the purchase of machinery or equipment
Designed for small to medium businesses looking to use new machinery to grow by more than 20% in the next financial year
Ignite Ideas Fund - OPEN NOW
Funding for up to $100k or $200k, depending on the size of the business & the length of the project
Funding is for up to 50% of a total project cost
There are 6 key areas to address in the Expression of Interest & Application;
- Innovation, Market Potential, Market Readiness, Project Viability, Organisational Capacity, and Benefit to Qld
So there you have it. A solid couple of months coming up and a LOT of money available.
If you or ANYONE you know could benefit from these opportunities or is looking at what else may be available, CLICK HERE to get access to the most comprehensive package of information I have EVER released and we can start the process of accessing these programs for you as soon as possible.
Using these services, I have helped businesses access over $4m+ in funding & investment in the past 3 years across a range of industries and at various stages of business. The "Crescendo Strategy" WORKS.
Follow this link for more information on how the "Crescendo Strategy" process can assist you.
Reach out now for a chat to investigate opportunities for expansion into overseas markets and with support in preparing to fund the process - troyschoenfisch.com/meet.