Are you thinking of growing your Australian business further but haven’t got working capital and are thinking about government assistance to help you get there. Well here is some information to help you get there.
Some of your options are:
• seek government assistance such as grants or free information
• seek a government grants agency who specializes in obtaining assistance from government agencies
• seek banking finance
Government assistance There a couple of good websites which are really good starting point – Grantslink.gov.au – this outlines many runs and refers links to relevant information do some searches for keywords each relate to your business and subscribe to email alerts of grant areas of interest to your business. Business.gov.au is a great source of information. This also provides the links directly to local, state and federal government assistance programs.
For business startups there is generally no financial assistance, however there is free business advice. Such as the small business support line 1-800-777-275 or business enterprise community call 130-036-3551.
For businesses the startups stage are beginning to develop a good website is enterpriseconnect.gov.au. This is a free government service provides a business review to all businesses with a turnover above $2 million. They provide concrete suggestions on how to improve your business.
So generally speaking, for initial start ups there is government assistance in the form of information. But for established businesses further advice and specialized advice and grants may be possible.
Grants are a mostly used to encourage research and development projects. But they may be for many different purposes and varying amounts.
The federal government has recently introduced the small business online program. The idea of this program is for small businesses to develop web stop web presence and online business. You may be able to get a specialist web developer at low-cost or no-cost. Contact your local BEC for information on their course.
To check government websites is a useful source of information or to your business consultant or accountant for specific information.
Government assistance agencies
Companies looking for a successful business which would generate long-term tax paid and employees, exports and growth. It is important to demonstrate good management skills in the business in any grant application.
You must provide all information required in the application process, you only get one opportunity to make a good impression so it’s best to get it right first time. Also many of these grants may be closing so you need to get in while it remains open.
You need to be realistic in the amount you apply for, then maybe caps on the amount to apply for. Make sure you request the full amount to make the project work do not understate your requirement.
Try to be proactive in requesting government assistance programs, quite often people need this to when they are in financial difficulty. This may be too late.
Approaching your bank
your banker can be a valuable free tool, in exchange for services such as transaction products. They may be able to provide assistance in business decisions and question your planning.
If a bank cannot provide financing it will generally provide you advice on why you are unable to receive finance at this stage and may give you advice as to how to rebuild or develop to obtain finance in the near future.
Banks will tend to look favorably upon a strong application which includes security, business planning, financial projections, experience and management expertise.
Some simple short-term financing arrangements include overdrafts and business credit cards.
Longer-term finance over 5 to 10 years includes loans.
It is important to guard your business adequate working capital server it does not suffer lack of liquidity while growing down the track. Banks normally only take on quality applications so do try finance brokers if unsuccessful with banks.