Government Business Start Up Grant

Government Business Start Up Grant – Getting a Government Grant and Incentive can be a great boost to take your business to the next level. There are many Grants and Incentives out there to consider and they can make a big difference to your business. For example, Research and Development (R&D Tax Incentives) and Export Market Development Grant (EMDG) which do not focus on whether you are generating large income as eligibility criteria but rather focus on your expenses so that they are good opportunities. for startups and small businesses. However, before you start filling out the paperwork you need to know that money comes with strings attached. You must provide reporting to the Government on how the Grant funding was used and the result. What is a grant? It is Government funding to help organizations get a leg up to grow and expand. If your business is successful, it will increase jobs and contribute to economic growth. Grants are usually aimed at a specific area such as assistance with the addition/adoption of certain technology in your business, increasing marketing activity, exporting your products or purchasing equipment . The Government reviews its grant spending every year and decides which grants can continue to be offered. In order to keep the grants available, the Government must be able to justify how the funding will benefit more than just your business. For example, if the Grant money is used by your businesses to buy equipment, you are not only adding value to your business but also stimulating economic growth because of the equipment you are buying. In order to obtain a Grant, you must meet certain eligibility criteria established by the Government and the process is generally competitive. Some criteria include the requirement to finance your share of the project costs (for example, you must pay for 50% of the project cost), the requirement to meet the turnover test, the need for you to work in a specific area of ​​industry, or the need for your businesses to carry out certain activities. Grant applications are normally assessed by Government case officers to ensure you meet the eligibility criteria and at the end of the review process you will receive a letter confirming how much Grant money you are entitled to . Grant applications can be tedious and time consuming to complete Grant writing varies greatly between disciplines. Writing successful grant applications is a fairly lengthy process that requires a lot of time, diligence and patience. You must allow more than 40 hours to complete a grant application (assuming you know what you are doing and know what the Government wants). The majority of time is consumed in understanding the eligibility criteria, applying the eligibility criteria to your specific case, making sure you write your argument concisely and persuasively, understanding your numbers, and review how your records can substantiate your claim. If you do not have internal resources to complete the application, you can hire a Grant specialist who has the necessary expertise and experience to request a Government grant and who is able to write Grant applications. It may be worth the investment whether it means getting the Grant or not. So, what Government Grants and Incentives can Azure Group help you with? R&D Tax Incentive What is the R&D Tax Incentive? The R&D Tax Incentive encourages companies to engage in R&D that benefits Australia, by providing tax compensation for eligible R&D activities. This incentive is available to any company that carries out research and development activities, in the startup and scaleup phase. Azure Group can help by writing your project plan and submitting your application. Azure Group published a whole series of s on the R&D Tax Incentive where we explored 5 R&D misconceptions, leaving you with a downloadable booklet to keep handy when exploring R&D. We’ve delved deeper into meeting the different eligibility tests of the R&D Tax Incentive legislation using real-world examples to cut through the fog of confusion the market is having on eligible businesses. Related: Startups and Scaleups: FY2019 R&D Tax Incentive EXTENDED DUE TO CORONAVIRU Export Market Development Grant (EMDG) What is EMDG? The EMDG scheme encourages Australian businesses to develop export markets. It reimburses up to 50% of eligible export promotion costs above $5,000. The minimum total costs that can be claimed are $15,000. So for example the EMDG, the Government reimburses you up to 50 % of the cost of promoting your products or services, which means you must pay the entire cost before applying and receiving reimbursement from the grant. For first-time EMDG applicants: You can combine two years’ worth of expenses to maximize your claim. Related: COVID-19: Additional EMDG Funding of $49.8 Million to Help Exporters Accelerate Commercialization (AC) What is AC? AC provides expert advice support and matched project funding to Australian entrepreneurs, inventors and small and medium businesses to help them bring their new product, process or service to market. Azure Group can help by performing a cash flow projection and budget calculation for the application as well as assist in the audit process. Check out more information here > Minimum Viable Product (MVP) What is an MVP? This is a grant of up to $25,000 to cover up to 50% of approved project costs. This grant is aimed at pre-entry NSW technology startups to progress from proof of concept to minimum viable product stage and help them conduct market research and test business models with customers. The idea is to help generate jobs for NSW so you have to show that 80% of the development costs will happen in NSW. You can find more information here > Building Partnerships Grants What is Building Partnerships Grants? If you are a revenue-generating startup or small business that has an innovative idea that addresses a gap or opportunity in the market, you can receive up to 35% of approved project costs up to a maximum grant of $100,000 to help grow your business. The goal is to help you expand and acquire a key customer and deliver at scale. This grant is open to NSW based businesses. You can find more information here > TechVouchers is another NSW initiative that provides small and medium businesses with up to $15,000 in matching funds when they collaborate with a university research partner. You can find more information here > CSIRO Kick Start is a dollar matching initiative of between $10,000 and $50,000 for small businesses and startups to conduct research with CSIRO to develop new product or processes. They not only provide funding but also access to CSIRO’s research expertise. More information is available here > Here are a few tips for your Grant Application: First of all, make sure you are actually eligible. The grant eligibility criteria can appear to be black and white, you are either eligible or you are not. However, this may not be the case. Some criteria are not so simple to apply to your specific circumstances. We recommend that you talk to experts. They often have experience in applying eligibility criteria to your specific case, reviewing paperwork, writing plans and ensuring in advance that you are eligible for the grant you want to apply for, saving you hours and money. You must ensure that you keep records. Record activities and expenditure in real time. Make sure you answer all the questions they ask as part of the Grant application briefly and to the point. You want to get to the point with as few words as possible. A good tip is to use lots of headings and bullet points to make it as easy as possible for the reader. Make sure you can substantiate your claim. Once your Grant application is submitted, it will be reviewed/verified by a government case officer who will ask for additional information and records, so it is important to keep and show your records to substantiate your claim. How can Azure Group help with these Grants? Azure Group grants experts will be happy to meet with you to discuss which Grants and Incentives are appropriate for your businesses by understanding the stage of your business development and product offering and service. We write and review your application, connect you with relevant Government advisers and provide advice on how to maximize the claim and assist with the reporting and verification process. Why Azure Group? At Azure Group, our personal touch is the key to unlocking exceptional results for our clients. To help you access the maximum refund possible under the Government Grants scheme, Azure Group has a team of experienced Grants specialists who meet with you to understand your product and services in more detail to exploit the true value of your activities. The Azure Group team has helped many startups and SMEs to request a Government Grant. We are proud of our success rate. Our Grant specialists take the time to review and assess each one