Own a small business? You’re missing out on these small business grants

small business grants

If you own a small business, you know that every dollar counts.

It’s not always easy making ends meet, especially when you’re starting out on a new business venture or looking to expand an existing one. There’s often a large outlay of funds during start-up, and again when your business is growing and needs to take on additional staff.

You’ll be happy to know there is assistance available in the form of grants and rebates. These are all thanks to the NSW Government and the Federal Government.

Some of these small business grants include:

NSW Small Business Grants

The Small Business Grant is available from the NSW Government. This small business incentive helps those who are expanding and need to hire new employees as a result.

The grant is designed to encourage the nearly 650,000 small businesses in New South Wales that do not pay payroll tax to hire new employees and expand their business.

The grant amount is $2,000 payable per full time equivalent position as at the anniversary date.

Jobs Action Plan

The Jobs Action Plan is another initiative of the NSW government. This small business grant also aims to assist with employing new workers. The plan provides eligible NSW businesses with a payroll tax rebate when they employ new workers in new employment.

To be eligible for the scheme you must be registered as an employer and be paying payroll tax in NSW.

The total rebate amount per new job is $6,000. Businesses will receive a rebate of $2,000 payable on the first anniversary and $4,000 on the second anniversary of the new employee.

small business grants

Restart

There are also a range of small business grants available as wage subsidies through the Australian Government. These assist in paying the salary of business employees based on particular criteria.

The Restart grant is available for those businesses who hire older employees. This grant offers up to $10,000 to encourage businesses to hire and retain employees who are 50 years of age and over.

Payments for this small business grant are made over the course of six months and employees can negotiate how frequently they receive payments. Employers may also be able to receive a kick-start payment of up to 40% of the total amount after four weeks of the job starting.

Youth Jobs PaTH

Looking to employ a young person? Youth Jobs PaTH allows a business to trial one via an internship to see if they’re the right fit for your business. During the trial, you don’t pay the young person. The Australian Government gives them $200 a fortnight on top of their income support, and also covers their insurance.

If you decide to hire the young person, you may be eligible for a small business incentive of up to $10,000.

Want to know more about incentives to hire, or need to update your skills? ET Australia Training College have got you covered. Have a look at our available business courses or get in touch if you have any questions. We’re here to help.

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