Small business owners can access a variety of grants, loans, and financial assistance established by the Australian and NSW governments. Each program will have different eligibility criteria, but most small business grants will require you to have a commercially viable business model and, in some cases, an inevitable annual turnover.
This article will cover the most relevant business grants and loans for small businesses in New South Wales, their eligibility criteria, and how to apply for each.
The best NSW government funding programs and small business grants available in 2022
Below you will find some of the small business grants, government grants, and funding programs available for companies and organisations based in New South Wales.
Minimum Viable Product NSW
To apply for the Minimum Viable Product NSW government grant, you need to be a technology startup based in the region and have a proof of concept or have your product in the minimum-viable stage. The matched funding is up to $25,000 and can be used to develop an MVP to the stage of first revenue or to a stage where you can prove the MVP is inadequate for the planned business model. If successful, you can also apply for a travel stipend for innovation-related purposes. Read more about this matched funding program here.
Eligibility: To be eligible, you must have an ABN number, show a completed proof of concept (for example, customer surveys, interviews, or focus groups), be at a pre-revenue stage, and hold the IP or rights to commercialise your end product. You must also demonstrate that at least 80% of your development will occur within New South Wales territory.
Start-Up Finance Package
This economic development opportunity is provided by Indigenous Business Australia and is designed to support Aboriginal and Torres Strait Islander people. It includes loans, financial service advice, and assistance in establishing partnerships. A few different programs depending on where in the business cycle you are. For instance, if you already have a company, they can help with growth strategies, bookkeeping and accountancy, IT systems, and succession planning. And if you want to start a business, they can assist with goal setting, skill development, and research. Find out more about these business grants here.
Eligibility: If you want to access a start-up finance package, you must have a commercially viable business model, have been in the trade for less than two years, and have less than $400K in annual turnover.
Advanced Manufacturing Ecosystem Fund NT
This funding program aims to help small and medium companies improve their advanced manufacturing capabilities in the Northern Territory. The sum offered is between $25,000 and $500,000. It targets projects that want to commercialise new products and processes, transition them from stage to full operations, or create new pilot research solutions in advanced manufacturing. It can also be requested by smaller firms that want to collaborate with other businesses and hubs and those wishing to engage with external professionals for market advice. Read more about this funding program here.
Eligibility: To be eligible, you must be an Australian manufacturing enterprise, have a project in the NT that aligns with the program priorities and be non-tax-exempt (you must also be registered for GST and have an ABN and ACN number).
Access to Justice Innovation Fund NSW
The Access to Justice Innovation Fund NSW is a government-supported program offering a final round of funding of between $50,000 and $250,000. The grant is dedicated to improving or enhancing access to justice in New South Wales. It is available to organisations with high-impact projects – particularly those targeting economically and socially disadvantaged communities. The fund will support, for example, programs that explore new approaches to delivering legal assistance services and resolving legal problems, those that can help people navigate the Australian justice system, ideas that promote collaboration to reduce barriers to justice, and solutions that can demonstrate how technology can improve access and user experience related to the justice system. Find out more about the fund here.
Eligibility: Eligible businesses include non-government organisations, not for profits, and any company providing legal services to people living in NSW.
MRFF 2022 National Critical Research Infrastructure Grant Opportunity
This program provides researchers and their organisations with funding to aid them in collaborating with infrastructure projects. The grant consists of $3 million (under Stream 1 and Stream 2) and $10 million (Stream 3), to be used to fund solutions that translate into innovative health benefits for Australian residents. The 2022 National Critical Research Infrastructure grant is part of the Medical Research Future Fund (MRFF). To apply, you will need to show you are looking to enhance Australia’s research infrastructure, address areas of unmet need in the sector, or promote collaboration with the government that can translate into more significant benefits for health. Examples of small business developments include biobanks, novel platforms, data environments, digital therapeutics, AI-enabled health technologies and interventions, and clinical software applications. Find out more about this grant here.
Eligibility: To be eligible, you must be an organization supporting medical research and infrastructure projects that benefit Australians.
Event Saver NSW
The funding amounts of this program vary depending on the type of event. Still, its goal is to support organisers of major events in the New South Wales area that were disrupted as a direct result of a Public Health Order (and had been scheduled to take place between 15 December 2021 and 31 December 2022). You can find out more about it here.
Eligibility: The only conditions for the event to have been significantly disrupted or cancelled as a direct result of a PHO.
The COVID-19 Aged Care Support Program Extension
This program extension offers reimbursements of eligible expenses to elder and aged care businesses (nursing homes or those providing equipment such as rams, walking frames, etc.) impacted by the COVID-19 pandemic. The funding is designed for Aged Care, Torres Strait Islander Flexible Aged Care Program and Home Care Package, and National Aboriginal providers. It covers all eligible expenses that were or are required to manage the pandemic’s direct impact. Read more about the funding here.
Eligibility: You will be eligible for this reimbursement program if you have a small business providing quality care for New South Wales residents.
The COVID-19 Aged Care Support Program Extension
The Digital Solutions – Australian Small Business Advisory Services offers tailored advice to help NSW small business owners adopt digital tools that can save them time and money. The service includes one-on-one sessions, workshops, and seminars. Read more about it here.
Eligibility: To apply, you must have less than 20 full-time employees.
Farm Household Allowance Program
The Farm Household Allowance Program is designed to provide farming families with financial assistance when facing hardship. The FHA focuses on improving the long-term financial situation and includes rent assistance, activity supplements, and additional allowances. The amount payable depends on your circumstances. Learn more about the program here.
Eligibility: To apply, you must be a farmer or partner of a farmer over 16 years old and meet residency rules. You will also be required to submit a report explaining the commercial purpose of your farm. .
If you’re looking to grow your small business by leveraging government business grants, Fundsquire offers grant advance funding to businesses that have an approved grant. We can provide your company with new ways to access non-dilutive funding no matter the stage of your journey. Contact us today to learn more.