Small Business Grants in New South Wales. All You Need to Know.

As one of Australia’s major economic hubs, New South Wales (NSW) and its capital Sydney, are filled with businesses of all sizes. If you own a small business in the region then you may be able to access some of the business support programs offered by the New South Wales Government.

In this guide we’ll explore what small business grants New South Wales provides and let you know how a Wise Business account can help you with your business banking needs.

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What are small business grants and how do they help you grow?

A small business grant is assistance given by the government to small businesses. The purpose is generally to help the business grow, innovate or recover from economic hardship. It’s one way the government supports the local economy and can give small business owners a financial boost to help make their endeavour more successful.

Types of grants for small businesses in New South Wales

In New South Wales, support for your small business could come in the form of a grant, loan or financial assistance.¹ Some programs are designed to support the development and growth of businesses, while others are aimed at supporting recovery from disasters such as bushfires, drought and pandemic.²

NSW Covid-19 related grants

If your small business was impacted by Covid-19 then you could be eligible for a grant as part of the NSW Covid-19 recovery plan. Over the course of the pandemic various grants have been created, modified and ended, so it’s important to check the closing dates for applications.

Here are some of the Covid-19 related grants that NSW small businesses could apply for in early 2022.¹

• 2022 Small Business Support Program
• Export Assistance Grant
• Alfresco Restart Rebate
• Small and Medium Enterprise (SME) Recovery Loan Scheme

NSW Government grants for small business

The grants available for your business to apply for can depend on a range of factors including your industry, number of staff and location.

Some of the grants on offer from the NSW Government are more general in nature. Here’s a few they had at the start of 2022.¹

• Small Business Fees and ChargesRebate
• SafeWork Small Business Rebate
• Building Partnerships Grant³

Depending on the industry your business is in, there may be additional grants you can look at applying for. Here’s are a few examples of industry specific grants that were available in the first part of 2022.²

• Minimum Viable Product Grants for technology startups
• Viability Grant for before and after school care providers
• Seafood Innovation Fund for commercial fishers and aqua farmers

As we mentioned earlier, grants can be created, modified or closed so it’s a good idea to double check what is currently available for your business.

Where to find small business grants online

Most grants have limited time frames to apply. To discover what business grants are on offer in NSW at the moment or are coming up soon, you can take a look at these government websites.

• Services NSW: Service NSW for Business
• NSW Government: Grants and Funding
• Australian Government Business: Grants and Programs Finder

How to apply for NSW small business grants

The application process varies depending on which small business grant you are applying for, but in general here’s what you’ll need to do.

1. Find the grant you wish to apply for on the Services NSW or NSW Government website.
2. Check the eligibility requirements. If you are eligible, then it’s time to gather all of the documents required for an application.
3. Most applications are completed online using forms that are linked to the grant’s webpage on the Services NSW or NSW Government website. Generally there is a virtual button that will say something like “Apply online” or “Start online application”. Once you’ve clicked to start the form, you just need to follow the prompts.

Here are the grant eligibility requirements and documents needed.

The eligibility criteria and documents needed vary for each grant so it’s important to take a careful look at the details for the grant you’re considering applying for.

Eligibility

Here are some of the criteria you may need to meet to be eligible for a NSW grant.

• Have a NSW based ABN³
• Be part of the industry the grant is targeted at¹
• Have undertaken projects or completed activities that rebates apply to
• Be engaged in commercial activities that the grant supports
• Have suffered hardship due to an unexpected event such as a pandemic or bushfire - for recovery support type grants

Documentation

Once you know you're eligible for a grant you’ll likely be asked for identification documents, the business information and proof you meet the eligibility criteria for the grant. Here’s a few examples of what you might need to provide.¹

• Documentation proving you meet the grant eligibility requirements
• Your business details and documentation
• Proof of expenses you’re claiming a rebate for
• Identification documents

Read more: Small Business Grants in Victoria.

How long does it take for your application to be reviewed?

The time it takes for grants to be processed varies and unfortunately not all have a wait time published.

Are NSW small business grants taxable?

Some NSW small business grants are considered by the Australian Taxation Office (ATO) to be non-assessable, non-exempt (NANE) income meaning it does not need to be included on your tax return and you won’t pay tax on it.

If your grant is not NANE, then you may be liable for tax on the value of the grant. To check your tax liability, it’s a good idea contact the ATO directly or speak to an authorised business taxation specialist.⁴

Contact details for Grant information in NSW

For more information or some support in applying for a grant, you can contact the offices of Service NSW.

• Call them on 13 77 88 or +61 2 8894 1555
• Visit a service centre in person
• Write to them at Service NSW, GPO Box 7057, Sydney NSW 2001

The Wise business account

Running your own business is filled with big decisions, including what service to use for your business banking needs. This is where Wise may be able to help you save money and simplify your international business payments.

With a Wise business account you’ll get localised account details for Australia as well as several major global currencies

You’ll be able to send money in over 70 currencies with small, transparent fees and your money is exchanged using the real exchange rate, like the one you see on Google.

To learn more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.

Open your Wise business account
in minutes 🚀

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Sources:

1. Service NSW - Grants, loans and financial assistance
2. NSW Government - Grants and Funding
3. NSW Government - Building Partnerships Grant
4. Australian Taxation Office - What to exclude from your business's assessable income
5. Service NSW - Contact us
   Sources checked on: 22 February 2022