How can a grant benefit your small business?
Peter David
Small Business Financial Counsellor
Townsville and surrounding areas
One way we help owners of small businesses in regional Queensland is through accessing government assistance in the form of grants.
So what is a grant?
For small business owners, it is money that is offered to eligible businesses by the government and is usually given for a specific purpose.
Types of grants include:
Business support
Business growth grants
Digital grants – to help get your business online or improve social media
Disaster recovery grants
The great news is, that with a grant you don’t have to pay it back, so in that way is very different to a loan.
There are a range of financial support that the government offers to help Australian businesses prepare for the future and get back on their feet.
One thing that I have noticed with regional Queenslanders is that they are resilient and don’t always like the idea of accessing support and funding. They often think that ‘there are others who are worse off’.
Though that is endearing, sometimes it’s not always the best way forward for our communities, as we see with disaster recovery regions, states and the nation are impacted and therefore all our communities need to be aware of what is needed to recover or restart.
“All small businesses in small towns matter, and by attracting funds to your business you are adding support and value to your community.”
Assessing financial government support through grants helps keep business in small towns moving forward.
I will give you an example:
During COVID-19, I worked with a few small businesses who rely on travellers and tourists for the large percentage of their annual turnover. They usually have a busy six months and then draw down on their cash reserves over the quiet six months. However, we know that the tourist season in some small towns is not like usual.
The season was shorter, and therefore cash reserves traditionally used during the quiet season may have been lower than usual.
Successful grant applications can help bridge the gap with some grants being used to pay for essential items such as electricity, rates, and rent, as we saw with the Adaption Grants available at this time.
All small businesses in small towns matter
… and by attracting funds to your business you are adding support and value to your community.
So what can you do to position yourself for applying for a grant?
Work on getting your financials up to date – it may require a talk to your accountant, as many of the grants you may need proof of your situation … and if you can access the information you need when you need it, it makes it a lot easier.
Be proactive with looking for help. Things are constantly changing, so it is good to put some time into checking out what is available
If you search Queensland Government Grants Finder – you will able to find an easy click box process to help you navigate what is available for your business or industry.
But not everyone feels comfortable with applying for grants … and that is where we come in
Sometimes can be overwhelmed by online applications and ‘not bother’ but that is where a SBFC can help – and the best news is that our services are free and confidential. We can either meet face to face or even have an initial conversation over the phone and go on from there!
To get help with accessing government assistance
The Rural Financial Counselling Service is a free service that is supported by the Australian and Queensland governments.
