Business Basics Grants Are Back
It's no secret that it's been a tough few years, so getting familiar with the Business Basics Grants program can help brands to leverage funding opportunities.
With ongoing lockdowns, density restrictions, shipping delays, staff shortages and even natural disasters, navigating the world of business hasn’t been easy over the course of the last two years. For many businesses, these consistent curveballs have made it all the more difficult just to survive, let alone turn a profit.
While both the federal and state governments have introduced a wide range of tax cuts, loans, grants and funding, it can be difficult to know which types of financial assistance your brand or business may be eligible for. Although Round 1 of the incredibly popular Business Basics Grants has now closed, there will soon be a new window of opportunity for regional Queenslanders to apply for assistance.
Business Basics Grants For Regional Queensland
In May 2021, the Queensland Department of Employment, Small Business and Training announced a new initiative to drive the growth of small business in the state, aptly titled the Business Basics Grants Program.
The concept of the Business Basics Grants program was to issue funding of up to $5000 to support new and emerging businesses with less than twenty employees, all as a means to increase core capabilities and adopt current best practices.
Successful applicants were able to use the grant for website development and upgrades, strategic marketing, training and coaching, advisory services, and planning for business continuity and succession - all of which are recognised as key ways to “level up” in the world of commerce.
The expected outcomes of the original Business Basics Grants program were to increase confidence for business owners across core skills, boost turnover, profit, and employment, and to ultimately improve a business’ survivability and resilience.
Although applications for the first Business Basics Grants program closed on May 31 2021, the success of the first round has motivated the government to launch a second round of submissions. While the structure, application process and qualifying criteria generally remain the same, the core difference is that this time, the focus is on regional Queensland.
Applications for Round Two of the Business Basics Grant program will open on September 8 2022. In order to qualify or to be eligible for the Business Basics Grants Program, the business applying for the grant must:
Have fewer than twenty employees at the time of applying for the grant
Have an active Australian Business Number (ABN) and be registered for GST
Have a Queensland headquarters
Have a turnover of $300, 000 or less for the current financial year
Not be insolvent or have owners/directors that are an undischarged bankrupt
In addition and for the purpose of the program, the following Queensland Local Government Areas are eligible to apply for the grant so long as they meet the other application criteria -
Aurukun, Balonne, Banana, Barcaldine, Barcoo, Blackall-Tambo, Boulia, Bulloo, Bundaberg, Burdekin, Burke, Cairns, Carpentaria, Cassowary Coast, Central Highlands, Charters Towers, Cherbourg, Cloncurry, Cook, Croydon, Diamantina, Doomadgee, Douglas, Etheridge, Flinders, Fraser Coast, Gladstone, Goondiwindi, Gympie, Hinchinbrook, Hope Vale, Isaac, Kowanyama, Livingstone, Lockhart River, Longreach, Mackay, Mapoon, Maranoa, Mareeba, McKinlay, Mornington, Mount Isa, Murweh, Napranum, North Burnett, Northern Peninsula Area, Palm Island, Paroo, Pormpuraaw, Quilpie, Richmond, Rockhampton, South Burnett, Southern Downs, Tablelands, Torres, Torres Strait Island, Townsville, Weipa, Western Downs, Whitsunday, Winton, Woorabinda, Wujal Wujal, Yarrabah.
If you’re considering applying for the latest round of the Business Basics Grants program, it’s important to keep in mind that your success lies in the quality of your application. One small error could result in being declined, so it’s always a good idea to consult with the professionals before you enter a submission - but where do you find them?
Partner With The Business Professionals
If understanding your finances, or the in’s and outs of doing business isn’t your strong point, then it may be reassuring to know that you’re not alone. What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices?
Many businesses big and small enlist the services of an accountant and business advisor, in order to free up their time while knowing that their financial obligations are already taken care of by the professionals.
At Muro, we are more than just accountants. We offer our clients strategic business advice and ongoing support to help them reach their business and financial goals. Get in touch with us at Muro today to ensure that you’re on the right path for success in starting a business in 2021.