New grant helps small companies

The ‘Industry Growth Program’, which replaces the ‘Accelerating Commercialisation Program’, was launched yesterday.

The grant supports innovative SMEs, with turnovers under $20million, undertaking commercialisation and or growth projects within the ‘priority areas’, as nominated by the National Reconstruction Fund, can make an application to secure assistance from government appointed advisors and obtain grant funding on a 50-50 basis.

After receiving advice from the program advisors applicants will be able to apply for:

• Grants of $50,000-$250,000 to support ‘early-stage commercialisation projects’

• Grants of $100,000 – $5million for ‘commercialisation and growth projects’

Innovative product, process or service is defined as:

• New, unique or significantly different to any other previous product, process or service in the market or industry where the product is intended to be sold /traded; or

• Involves significant enhancements or developments of current products, processes or services that will enable the business to scale and transform.

The priority areas for the program are:

• Value-add in resources

• Value-add in agriculture, forestry and fisheries

• Transport

• Medical science

• Renewables and low emissions technologies

• Defence capability

• Enabling capabilities

This new grant is welcome news to SMEs – it has been six months since the predecessor program was closed.

Most companies will need preliminary advice.

This advice might be relative to R&D or the preparation of a business plan and the required documentation for the company to be deemed to be an Early-Stage Innovation Company or Crowd Sourced Funding Company, to assist in the capital raising process to match the government grant.

Towers Business Development can assist you with identifying your eligibility and submitting an application for grants such as Industry Growth Program. To find out more, contact 1800 232 088 or email .