Business Grants Available for Victorian Start-Ups [How to Apply]

When it comes to starting a new business, the first steps will be to plan and then organise the required funds to get things off the ground. For companies at a startup phase, not having enough funds can pose a huge roadblock and is very frustrating; as many of us know, acquiring new customers with no collateral is often a daunting task. However, it's not only startups, as managing venture funds for small-sized businesses or even the medium-sized ones can experience the same pain points and even jeopardise future credit through low credit scores.

At any point in the company lifecycle, business owners may need to subsidise their businesses, whether it's to cover an emergency, expand the company size or stay ahead of the market. Fortunately, many business grants and incentives are available to anyone, from entrepreneurs to medium business owners, allowing them to take the next steps.

For small and medium-sized enterprises (SME), the government and different organisations all provide Business Growth Grants or monetary funding that focus on helping the company grow without mortgaging the future. As a part of improving the state's economy, the Victoria government is encouraging startups and small businesses operating within Victoria to pursue business grants to further their impact and development.

Our comprehensive list below shows all the available business grants and incentive programs for businesses located and operated in Victoria.

1. AusIndustry

AusIndustry is the Australian government's business program division and works to deliver business development, venture capital services and advice programs up to AUD 2 billion every year.

Overview:

• Focusing on the critical factors of economic growth, AusIndustry provides all the business startup information, including licensing information and registration.
• It avails National Outreach Network, which involves direct interactions and services with experienced business mentors, counsellors and facilitators.
• The benefits include helping businesses with comprehensive business research, as well as employing and training staff.
• This financial aid program offers Business Growth Grants, loans and assistance tools for all sizes of companies.

2. Victorian Startup Capital Fund

LaunchVic is the Victorian Government's agency for supporting startups, entrepreneurs, and innovators statewide. With business grants, local funds and more, their mission of building a world-class startup ecosystem is core to their service. The Victorian Startup Capital Fund is available to all new businesses at the startup phase.

Overview:

• This action plan supports enterprises, ventures and startups with community-building activities, professional development training and leadership programs.
• As an internationally recognised startup ecosystem, this program promotes Victorian businesses and entrepreneurs with funds and recommendations from industry specialists, incubators, mentors and accelerators.

3. The Victorian Innovation Centre (INNOVIC)

INNOVIC is a not-for-profit organisation and innovation centre, providing a wide range of services and assistance to entrepreneurs, innovators and small to mid-level companies.

Overview:

• This program includes workshops, seminars, training and events to provide business licencing, infrastructure development, IP assistance, commercialisation consultation and more.
• It assists with business grants and fundings for the eligible businesses of all industries, including e-commerce, technology, medical, health, lifestyle, environment, food and more.

4. Entrepreneur's Programme

The Entrepreneurs Programme is a subprogram provided by the Australian government and conducted by industry-experienced facilitators who look to help new businesses, innovative ventures and eligible expenditures through business grants and granting financial access.

Overview:

• This program lays out The Growth Roadmap service with a complete analysis of Victoria's trade opportunities and commercialising novel intellectual properties throughout the country.
• It also assists businesses with improving day to day practices and networking for growth opportunities.

5. The Global Gateway Program

The Global Gateway Program is one of the incentive schemes run by Global Victoria, designed for regional Victorian exporting businesses. In 2021, every eligible business representative will receive up to $50,000 business grants and other facilities to keep the export businesses and global networking afloat.

Overview:

• The program helps businesses expand their reach, enter new markets, or get into more competitive, high-growth avenues with self-assessment and market expert recommendations.
• It also supports export businesses with freight logistics information and export documentation.

6. eCommerce Accelerator Program

The eCommerce Accelerator program is a part of the Export Recovery Package for eCommerce businesses and their export potential in both local and international markets.

Overview:

• This aid plan provides the opportunity to run promotional activities on eCommerce platforms to expand reach.
• It also includes training business owners on eCommerce platforms with deep market insights and export opportunities.

7. Small Business Grants

Small Business Grants is a government-run incitement led by Melbourne City Council. The grant helps entrepreneurs, innovators and small business owners availing financial support twice a year.

Overview:

• The grant scheme is designed for small businesses and eligible startups to maintain a sustainable economy and business culture within the region.
• It offers financial templates for applicants to use regarding their financial statements and requirements.

8. Business Development and Assistance Program

For aboriginal and Torres Strait Islander oriented businesses and startups, business.gov.au has this financial support program, focusing on helping with business assessment, training and grants.

Overview:

• This initiative offers other commercial finance options like operating leases and loans- along with grants.
• It also allows access to industry resources for market intelligence and insights.

9. Technology Adoption and Innovation Program

Aiming for technological innovation and business competitiveness, Business Victoria offers financial support l for startups and SMEs with new technological development operations and solutions.

Overview:

• This program essentially helps businesses innovate and commercialise new digital technology to expand Victoria's economic growth.
• It also guides Victorian business owners with advanced technology adoption opportunities and incorporation in their companies to maintain global standards.

Whether it's starting or growing a business, there will always be financial hurdles, and in a time of global hardship for business, every decision counts. That's why a dedicated business coach can assist with the next steps. A professional business coach will prioritise what's important for your business by developing custom strategies that take out the uncertainty of which loan to apply for.