Preparing your business for the billion-dollar grant funding bonanza

13 April 2021

To help reinvigorate the Australian economy and stimulate business activity, Federal and State Governments have invested billions of dollars towards grant funding programs that support an enormous range of activities. In Australia currently, there are 4,721 grants worth $238.7B [1] that provide advice and funding ranging from $1,000 to $5,000,000+.

But with such an array of grants on offer, it’s a challenge for business owners to be across what’s available to them, let alone find the grants that are the best fit for their business.

Sources of grant funding information

Most business owners find government grants by trawling through government websites. It’s tedious, frustrating and a serious drain on your time but Government websites usually provide detailed information for the programs they run. Some agencies produce e-bulletins or newsletters that detail funding opportunities and you can ask to be placed on their mailing list for all future program announcements.

Many funding programs will also be advertised in the media, particularly when they are announced as being open for applications. State and Federal Members may provide a media release to announce new programs.

Your other option is to rely on subscriptions to databases. However, most of these tend to limit their focus to research and community grants, which can make it hard to get a complete picture of what’s available to you.

When you find a grant program, don't try to read all of the available information, unless it has already been summarised into the key eligibility criteria. Later on, you can read more details on the most promising ones.

Double dipping - beware!

Some grants may preclude you from applying for others at the same time, or for the same activities. You may have to quarantine the grant amount received and an equivalent amount of your own expenditure (called "clawback") and not use these funds to contribute towards further grant applications or other projects.

Be prepared and save time

As you find grants you will need to determine your eligibility. Most programs ask you to answer certain questions. If you have answers prepared, you will be able to quickly assess your eligibility. We recommend you prepare answers using this checklist.

Remember, at this stage there is no right or wrong answer. Each program is different and may require a different answer in each case.

Know the essentials

Review your list of grants to decide which ones seem most promising. Most funding programs will produce a Fact Sheet, Application Form, Program Guidelines, Previous Successful Applicants and a Contractual Agreement. Use these documents to help make your selections.

Some programs are always open, but others operate in rounds and may only be open once or twice a year. Try to find out before a round is announced when it may open, because the closing dates are often short and favour the organisations that have pre-prepared.

Funding amount

Most programs have upper funding limits. You should always ask for the amount you need. Don't just expect to make up the difference or somehow find additional funds later. You may do well to seek less than the possible maximum. Previously awarded grants can provide a good indication.

Findex Grants services

Findex Grants services helps your business connect quickly with thousands of grants nationally, assessing your eligibility and chance of success based on your individualised requirements.

By exploring grants available by location, industry, project and activity type, our experienced team can provide up-to-date, easy-to-understand reports that help you quickly identify suitable grants and assess your eligibility and chance of success.

Once you’ve identified suitable grants for your business, our team can work with you to write and structure your application to help maximise your chances of success, guiding you from application to fulfilment.

Request your complimentary report

Download your complimentary report to see the grants and funding options available to your business based on your business activity today!

[1] grantguru.com.au