As we know, it’s been a challenging two years for many businesses in Victoria. The good news is there is a range of assistance available through various State or Commonwealth programs to help your business as we move out of the pandemic.
Whether you are looking to accelerate your business growth or need assistance to bounce back from the impacts of COVID-19 and other challenges, there is financial assistance, mentoring programs and other partnerships available to you.
The MDBA can help you find different grants and incentives ranging from business development, growing jobs, energy, mental health and wellbeing and export assistance. Here are some for you to consider.
Business development and support
Business recovery and resilience mentoring: Whether you’re growing your business or adapting to new challenges and opportunities, you’ve undoubtedly had to make some difficult decisions and sacrifices.
To support you and your business this new financial year, the Victorian Chamber in partnership with the Victorian Government is offering free business mentoring for eligible business. By taking part you will receive up to four, free 2-hour sessions with a mentor, guidance to help you make informed decisions about the future of your business and be matched with an industry leader who suits your business needs.
Elsewhere, the $250 million Victorian Business Growth Fund supports Victorian SMEs ready to grow their business, but who can’t access the funds or find the right partner to take the next step.
Upskill My Business provides Victorian small businesses with access to free online courses, live and on-demand events and resources to help them recover from COVID-19.
The SME Recovery Loan Scheme provides small and medium-sized businesses with guaranteed loans to help their business recover from the impacts of the coronavirus crisis. Under the 2022 scheme, loans are available from 1 January until 30 June 2022, with a Federal Government guarantee of 50 per cent.
Ready for Growth is an initiative to support 1,000 Victorian businesses with high growth potential to access new markets and create jobs. It provides businesses with tailored advisory services by expert growth facilitators.
Landing Pads helps market-ready scaleups take their business global. It provides start-ups with a workspace for up to 90 days in a global innovation hub, along with access to coaching, investors, customers, training and networking events.
The Advancing Victorian Manufacturing is the Victorian Government’s blueprint to ensure Victoria is home to internationally competitive manufacturers that are growing economic opportunity and jobs.
Future Industries is about supporting investment in high-growth industries through industry excellence and development projects, including establishing collaborative networks and building supply chain readiness capabilities.
Microenterprise Development Grants Program 2022 provides support to organisations with experience in delivering capability development programs that address socio-cultural constraints to economic participation and entrepreneurship for priority groups of Victorians.
Accelerating Commercialisation provides small and medium businesses, entrepreneurs and researchers with access to expert advice and funding to help get a novel product, process or service to market.
The Entrepreneurs’ Programme can help transform your business, getting you from where you are to where you want to be. Our unique services give you access to expert advice and financial support through grants to help you progress your goals.
The Small Business Digital Adaptation Program provides $1200 rebates so small businesses can access a range of digital business tools.
The Jobs Victoria Fund supports businesses to employ people most affected by the economic impact of the pandemic by hiring new staff or increasing hours for existing employees. Jobs Victoria wage subsidies of up to $20,000 are available to meet the costs associated with employing someone for 12 months.
Available for regional businesses is the Regional Jobs Fund to attract new investment, create new jobs, and in some cases retain existing jobs in regional Victoria and to support businesses to improve their productivity and competitiveness.
Similarly, the Australian Apprenticeships Incentives Program provides employers with incentives to employ an apprentice. Incentive payments to employers are based on the apprenticeship certificate level completed. Payments range from $750 to $4,000.
Assistance for businesses employing young people is available via Youth Jobs PaTH, which provides funding for businesses to trial and/or hire a young person aged between 17 and 24. Up to $10,000 is available per person.
The Digital Jobs Program provides businesses with an opportunity to host a digitally trained candidate through a subsidised 12-week internship. Businesses will be provided with a $5,000 wage subsidy per internship to host one (or more) trained mid-career interns for a minimum of 12 weeks.
A Wage Subsidy Scheme is available for employers who take on a Disability Employment Services (DES) jobseeker. Payment depends on the wage subsidy program and the negotiated amount agreed to, based on the program criteria, the individual circumstances of the jobseeker and the employer’s needs.
A $15.7 million Export Recovery Package exists to address logistics and supply chain issues caused by the pandemic, and establish new export channels. That includes a $4.7 million Global Victoria Trade Alliance program to help Victorian exporters adapt their export strategies to respond to rapidly changing global market conditions, and Virtual Trade Missions to provide Victorian businesses with the opportunity to participate in virtual trade missions to help them expand their potential in international markets and increase their exports.
Export Finance Australia Loans provides small to medium businesses with loans to help with the finance needed to secure export contracts or purchase orders. Additionally, the Small Business Export Loan provides small to medium export businesses with loans to cover up to 80 per cent of the costs to secure an export contract or purchase order with an overseas buyer.
Small Business Energy Saver Program supports Victorian small business upgrade to energy efficient equipment. The exact amount your business will need to pay for an approved energy efficiency improvement will depend on the type of energy upgrades undertaken. On average each business could receive a discount of about $2000 for eligible equipment upgrades.
Business Energy Advice Program delivers advice to help small businesses and their representatives get better energy deals and reduce their energy usage. Businesses get a free personalised energy consultation and access to a Small Business Energy Check tool.
The Advancing Renewables Program provides businesses with funding or finance to develop renewable energy technologies.
The Emissions Reduction Fund provides businesses with the opportunity to earn Australian carbon credit units for every tonne of carbon dioxide equivalent a business stores or avoids emitting through adopting new practices and technologies.
Solar for Business provides small businesses with a rebate of up to $3,500 to help with the costs of installing a rooftop solar system, while subsidies up to $3,000 are available for businesses in Victoria to purchase a zero emission vehicle.
Health and wellbeing
Wellbeing and Mental Health Support for Victorian Small Businesses provides mental health support to Victorians dealing with the challenges of running a small business to help them navigate through the impacts of coronavirus (COVID-19). Through this program, Victorians dealing with the challenges of running a small business can get the mental health support they need to navigate through the impacts of COVID19.
Partners in Wellbeing – Small Business Support is the Victorian Government’s free and confidential helpline that provides wellbeing support, business advice and financial counselling to business operators, their staff and families.
Indigenous businesses have access to specific support. The Start-Up Finance Package provides Aboriginal and Torres Strait Islander start-ups with access to loans to help new businesses get off the ground.
The Indigenous Advancement Strategy provides funding for organisations to help them undertake projects or activities which promote equal opportunities for Indigenous Australians.
One of the main tax incentives for businesses during COVID-19 was the Coronavirus Payroll Tax Relief, which is available for Victorian businesses impacted by COVID-19.
The $150,000 Instant Asset Write-Off, which provides businesses with an asset write-off. Assets must cost less than the instant asset write-off threshold and be purchased and used in the year that the write-off is claimed.
The Small Business Income Tax Offset also provides unincorporated small businesses with a tax offset of up to $1000 per year. The offset is worked out on the proportion of tax payable on your business income.
The R&D Tax Incentive offers a tax offset for companies conducting eligible R&D activities. It encourages investment in R&D to help your company to grow and innovate which generates benefits for the Australian economy. As well as providing financial support, the R&DTI can be an opportunity to collaborate with registered Research Service Providers (RSPs).