The federal, state, territory governments, and sometimes, local councils, provide available financing grants and assistance to businesses.
Usually, there are no government grants provided to those who are starting their business. However, these may be available for any research or development purposes of an existing business.
New Enterprise Incentive Scheme
The thriving New Enterprise Incentive Scheme (NEIS) is an Australian government initiative managed by the Department of Education, Employment and Workplace Relations. While this scheme does not offer grants or loans for initial start-up costs, NEIS assists qualified unemployed individuals on starting and managing their own businesses.
Applicants are chosen and trained to develop skills in small business management. Formulating a business plan is part of this program in order to help the select individuals in sourcing funds from banks and other financing firms.
On the first year of business operation, advice and coaching are provided to assist them. If they are already a recipient of income support allowance, they may be entitled for NEIS income allowances as well. If they are entitled, their NEIS business earnings would not have an effect on the NEIS allowance.
Small Business Advisory Service
AusIndustry, an Australian government specialist business program manages Australian Small Business Advisory Services which helps small business owners through low-cost advisory services.
This government initiative is intended to help small businesses operate on their maximum growth potential, overcome obstacles, explore opportunities, and achieve business goals. It gives information, advice, and support in challenges commonly faced by small business owners in the current market economy.
- Advice on business planning
- Advice on source of financing
- Marketing or promotional plans
- Accounting or legal services
- Advice on leasing properties
- Government regulations
Read the guide to the New Enterprise Incentive Scheme at workplace.gov.au/Programmes
Read about Small Business Advisory Service at ausindustry.gov.au
Use the Grant Finder function at business.gov.au to check the available list of government grants and assistance.
NOTE: This month we’re holding a limited number of Free Business Strategy Sessions designed to show business owners how they can manage and grow their enterprises with the least amount of cost and disruption possible.
Would you like to join us?
If you’d like to schedule one of these Free and obligation free sessions, let us know by email by using this contact form or call 07 3668 0646 and we’ll set things up for you.
James HuyVuong is a CPA and the owner of Your Accounting Partners. Partnering with businesses from start to scale thru to sale.