Government Grants and Incentives for Small Businesses in Victoria

Running a small business in Victoria can be challenging, but plenty of government grants and incentives are available to help you grow, innovate, and stay competitive. 

From local council programs to state and Commonwealth initiatives, some opportunities can give your business the financial support it needs.

 Understanding the various options available and how to apply for them is critical to accessing these benefits.

Read on to learn about the vital government grants and incentives available to you as a small business owner in Victoria and how an experienced small business accountant like RDV Business Solutions can assist you in successfully accessing these opportunities.

Local Council Grants and Incentives

Local councils play a crucial role in supporting small businesses within their communities.

Councils like Moonee Valley and Merri-bek offer a variety of grants and incentives tailored to local businesses.

These programs stimulate economic growth, foster innovation, and build stronger community ties. 

Let’s take a closer look at the options available to you.

1. Moonee Valley City Council Grants

Moonee Valley City Council is an excellent resource for small businesses. They offer several grant programs that cater to different business needs:

• Responsive Grants: These grants are designed for businesses needing immediate support for small-scale projects. Whether you want to upgrade your shopfront or respond quickly to new business opportunities, they can help.
• Biannual Grants: These grants fund larger business-led projects that benefit the business and the wider community. If you’re considering starting a project that could bring people together or create jobs in the area, this could be an excellent option.
• Multi-Year Partnerships: These grants support long-term projects. They provide sustained funding over several years, allowing businesses to plan and execute more extensive initiatives that have a lasting impact on the community.

2. Merri-bek Council Grants

Merri-bek Council also offers a variety of grants aimed at strengthening local businesses and supporting community-driven projects:

• Community Strengthening Grants: These grants provide up to $7,000 to businesses working on projects to engage and develop the local community. It’s perfect for companies with a social impact or community engagement angle.
• Organisational Support Grants: If you’re just starting and need help growing, these grants provide financial support over three years. They’re designed to help businesses stabilise and expand, especially those that strongly focus on contributing to the local economy.

3. Other Local Council Incentives

Other councils across Victoria offer similar grants. Some focus on business recovery after challenging periods, while others target specific industries like hospitality or retail. 

The key to benefiting from these local programs is staying informed about what’s available and when applications are open.

Regularly checking your local council’s website or subscribing to their mailing list can ensure you don’t miss out.

Victorian Government Grants and Incentives

Beyond local councils, the Victorian Government also offers a range of programs designed to help small businesses grow and thrive.

These grants can provide the financial support needed to scale operations, improve efficiency, and explore new markets.

1. Victorian Business Growth Fund (VBGF)

The Victorian Business Growth Fund (VBGF) is a fantastic option for small to medium enterprises (SMEs) looking to expand but need help finding the capital.

This fund targets businesses with a strong growth potential but facing the need to help traditional finance.

• Eligibility: Your business must have annual revenue between $5 million and $100 million and demonstrate a compelling growth opportunity. Positive cash flow is also required or at least expected during the investment period.
• Benefits: The VBGF provides financial support and connects businesses with strategic advice, commercial insights, and valuable networking opportunities. These extra services can help you confidently navigate growth challenges and enter new markets.

2. Small Business Energy Incentive

Energy costs can be a huge drain on small businesses’ resources. The Small Business Energy Incentive offers a 20% bonus tax deduction on energy-efficient improvements for businesses with less than $50 million in annual turnover.

• How it Works: You can claim a deduction of up to $20,000 for eligible energy-saving investments. This could include upgrading to energy-efficient lighting, purchasing energy-efficient equipment, or improving your building’s insulation.
• Benefits: Not only will this incentive help you lower your business’s energy costs, but it will also reduce your environmental impact, which is something customers are increasingly looking for.

3. Aboriginal Business Investment Program

While this program specifically targets Aboriginal businesses, it’s worth mentioning as part of the overall support landscape in Victoria.

The Aboriginal Business Investment Program provides grants between $5,000 and $100,000 to help Aboriginal businesses grow and succeed.

Commonwealth Government Programs for Victorian Businesses

If your small business has its sights set on innovation or exporting, Commonwealth Government programs can offer excellent support.

These programs are designed to encourage Australian businesses to grow beyond local markets and invest in research and development.

1. Export Market Development Grants (EMDG)

The Export Market Development Grants (EMDG) program helps Australian businesses expand internationally by covering the costs of marketing and promotion in overseas markets.

• Eligibility: This program is available to small businesses looking to export goods or services abroad.
• Benefits: Financial support is provided to help with things like marketing, promotional materials, and even attending international trade shows.

2. CSIRO Kick-Start Program

Innovation is key to staying competitive, and the CSIRO Kick-Start program provides matched funding to help start-ups and small businesses access CSIRO’s research expertise.

• Eligibility: Your business needs to be involved in developing innovative products, services, or processes.
• Benefits: You can work directly with CSIRO researchers to develop and commercialise your ideas, giving your business a major competitive edge.

3. Research and Development (R&D) Tax Incentive

This program provides tax offsets for businesses engaging in research and development. It’s an ideal incentive for small businesses looking to innovate.

• Eligibility: The R&D Tax Incentive is open to businesses of all sizes that are conducting eligible R&D activities.
• Benefits: By offsetting your R&D costs, this program can help make innovation more affordable and accessible.

How to Apply for Government Grants and Incentives

Applying for grants can seem daunting, but the process is straightforward once you understand the requirements.

1. Export Market Development Grants (EMDG)

Each grant or incentive program has specific eligibility criteria, such as business size, industry, and project scope. Make sure you review these details thoroughly before applying.

2. CSIRO Kick-Start Program

Most applications require a detailed business proposal or plan. This should outline how the grant will be used and the expected outcomes. Be prepared to submit financial statements and proof of business viability.

3. Research and Development (R&D) Tax Incentive

Programs often change, and new grants can be introduced throughout the year. Keeping an eye on resources like the Business Victoria website or your local council’s grant page can help you stay informed and ready to apply.

How an Accountant Can Help Your Business Access Grants and Incentives

Navigating the world of government grants can be tricky, and that’s where an accountant can help.

1. Financial Expertise and Compliance

An accountant can assess your business’s financial health and determine which grants you’re eligible for. They’ll help you gather all the necessary financial documents, ensuring you meet the criteria.

2. Application Preparation and Strategic Planning

Accountants are skilled at preparing detailed and accurate applications. They can also help align your business’s growth strategy with available grants to ensure you’re making the most of the opportunities available.

3. Reporting and Accountability

Once you’ve secured a grant, your accountant can help you manage the reporting requirements, ensuring the funds are used correctly and that you remain compliant with the grant’s conditions.

Empower Your Business Growth with Government Grants and Incentives

Government grants and incentives offer incredible opportunities for small businesses in Victoria to grow, innovate, and stay competitive.

Whether you’re accessing local council support or taking advantage of state and Commonwealth programs, there’s a lot of help available.

By working with an accountant, you can streamline the application process and increase your chances of success.

Get Expert Support from RDV Business Solutions

If you’re looking for expert advice on accessing government grants and incentives, RDV Business Solutions is here to help.

Our experienced team can guide you through the process and ensure your business is ready to take advantage of every opportunity. Contact us today for a consultation and find out how we can support your business growth.