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Despite being one of the smaller Australian states, Victoria has a strong economy that is attractive to many companies and business owners. The state government offers a variety of business related grants, some of which can be taken advantage of by small businesses.
This guide will take a look at how small business grants work in Victoria, how to find the grant for your business and give you an insight into the Wise way of business banking.
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Small business grants are a form of government assistance that eligible owners can apply for. Their purpose is generally to promote the growth, innovation or assist with economic recovery of a small business. The grants are designed to improve businesses' chances for success, which in turn contributes to the strength of the local economy.
The Victorian government offers support in a wide range of areas, so there is likely something your small business can take advantage of. Here’s a list of what they may be able to help with.¹
- Business development
- New product or service development
- New technology
- New innovations, research or development
- Increasing product competitiveness
- Employing and managing staff
- Dealing with change
- Supporting Indigenous Australian businesses
- Covid-19 recovery
- Natural disaster recovery
The Victorian Government grants that a small business are eligible for can vary depending on a range of factors including the industry, location, prosperity and staff numbers.
Here are a few of the business grants and programs on offer in early 2022 that are unrelated to hardship.¹
- Advancing Victorian Manufacturing
- Manufacturing and Industry Development Fund
- Future Industries
- Business Advice
- Jobs Victoria Fund
- Regional Jobs Fund
As business grants aren’t static, it’s a good idea to periodically check what’s currently available for your business.
To support the state's economic recovery from Covid-19, the Victorian government have created a series of targeted business grants. These grants are created, adjusted and ended to ensure they are best meeting the needs of the community at the time. If you’re thinking of applying for a Covid-19 grant it’s a good idea to double check when applications close so you don’t miss out.
Here are a few of the Covid-19 related grants and programs that Victorian small businesses could access or apply for as part of the Business Stimulus Package announced in early 2022.²
- Business Recovery and Resilience Mentoring Program
- Small Business Digital Adaptation Program (Opens 28 March 2022)
- Ventilation Voucher Program (Opens mid-late March 2022)
To find out which business grants are currently scheduled or on offer in Victoria you can check these government websites.
- Victorian Government: Grants and Programs
- Business Victoria: Grants & Programs
- Victorian Chamber of Commerce and Industry grants page
- Australian Government Business: Grants and Programs Finder
The grant application system isn’t streamlined so there are variations in what you’re required to do. Here’s a broad overview of the steps you might take during the process.
- Find the grant you wish to apply for on the Victorian Government or Business Victoria website.
- Check to see if you meet the eligibility requirements. If you do, go ahead and gather any documents needed for the application.
- Check the grant’s information page on the Victorian Government or Business Victoria websites to see how the application needs to be submitted. Some require you to contact a government department or visit a service centre, while others are done online using forms that are linked to the grant’s webpage.
Each grant has its own set of eligibility criteria, requirements and documentation needed. You’ll be informed of all that’s required in the application process.
It’s possible you may be asked for some of the following:
- Your business details and documentation
- Proof you’re in a certain industry
- Evidence of related expenditure or financial losses
- An Australian (or even Victorian) based ABN
- Proof of related expenses
- Information about a new product or innovation you’re developing
- Evidence your business has suffered a hardship due to natural disaster
- Identification documents
There are no application waiting periods listed online. You may be able to find out more information from the organisation responsible for evaluating your application.
|Read more: Small Business Grants in New South Wales.|
If a grant is classified as non-assessable, non-exempt (NANE) income by the Australian Taxation Office (ATO), it doesn’t need to be included on your tax return and you don’t need to pay tax on it. If the grant hasn’t been classified as NANE, you might be liable to pay tax on it.³
If you’re unsure whether tax is owed, it’s best to reach out to the ATO or speak to a registered business tax specialist.
To find out more about small business grants in Victoria, you can try contacting your local Victorian Government Business Office.⁴
- Call 13 22 15
- Live Chat on their website
- Mail them at GPO Box 4509 - Melbourne VIC 3001
Wise is an authorised financial services provider who could help make running your company a little easier and cheaper, especially when it comes to your international finances.
You’ll get the advantages of a local account without ever having to travel abroad and your money is exchanged using the mid market exchange rate, just like 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.
- Business Victoria - Grants & programs
- Victorian Government - Business Stimulus Package
- Australian Taxation Office - What to exclude from your business's assessable income
- Business Victoria - Contact Us
Sources checked on: 23 February 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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