Small Business Entrepreneur Grants Program
Most people would have seen the scary statistics that often reach the headlines about the high failure rate of small business in their first few years of operation.
In February 2016, the Australian Bureau of Statistics released its latest findings relating to business survival rates, showing that more than 40 per cent of businesses failed within the first three years of starting. The top three causes of business failure in the Australian Securities and Investments Commission’s latest insolvency statistics report released in December 2016 indicated that 45.6% of businesses had inadequate cash flow or high cash use, 45.6% suffered from poor strategic management, and 33.6% had poor financial control including lack of records.
To help combat these statistics, the Queensland Government has just opened round 2 of the Small Business Entrepreneur Grants Program, which is an initiative released the to provide new small businesses access to professional advice and support in the critical early stages of establishing a business.
Matched funding is available up to $5,000 (excluding GST) for eligible businesses to engage a consultant, advisor or business coach to help establish or develop their business. The advice must fall under one or more of the following areas:
- Professional business, tax, computing, legal or financial (accounting) advice;
- Business and strategic planning;
- Market research and marketing strategies, including branding strategies and social media/digital strategies.
To be eligible, the business must:
- Have a business name registered within the last four years;
- Have fewer than 20 employees at the time of applying for the grant;
- Have an Australian Business Number (ABN) and be registered for GST;
- Be based in Queensland;
- Declare if any owners or directors of the business are an undischarged bankrupt or insolvent.
On completion of the project, participating businesses must provide a project report detailing how the funds were spent and the impact it has had on the business.
Round 2 of the program is now open and closes 21 November 2017.
For further information or to discuss your eligibility and the services we can offer, please call to speak with Jodi Elder on 07 4638 1100.
Further information is also available on the Queensland Government website at https://www.business.qld.gov.au/starting-business/advice-support/grants/entrepreneur-grants?_cldee=am9kaUBhcHBsZWdhcnRoLmNvbS5hdQ%3d%3d&recipientid=contact-f18e6130f5f7e61180fbc4346bc52700-9541d7f6e4664ed286e602a04f17db16&esid=7c8858a7-edb9-e711-811c-c4346bde3591