Bite-sized Branding Episode 39 - Building a Business with Grants

 Content Marketing |  4 min read

Are you the creator or owner of your Australian brand? If yes, you may have noticed that quite a few companies in Australia have trouble simply keeping their head above water at the moment. So you’re not alone.

Yes, building a business is always a challenge at any period in time. But in this current global pandemic, Australian brand creators and owners might be having difficulties already. Some have it harder than others. So, where can you find some relief while growing your brand?


What Is a Grant?

The good news is that financial aid is available to those Australian brands that seek it or need it. This financial aid is known as “grants.”

There are different kinds of grants that you can apply for. It just depends on what type of business you are currently operating or will be running in Australia.

There are some requirements that you have to submit before you receive financial aid. Some company owners or managers also have to be proactive to find out what grants their Australian brand could qualify for and benefit from.

One problem with grants is that many people are still unaware that they exist. Or, if they do know there are grants, these business people might be hesitant to apply for one to push their brand further into the marketplace. To solve this problem, you have to be willing to do your research for the sake of brand survival.


Why Offer Grants?

Grants are an attractive way to revive business activity with the end goal of stimulating the Australian economy. They come nicely packaged so that even the most conservative business owners or managers can apply for them.

If you are rather shy about applying for financial assistance, the good news is that many Australians have already used grants. So you are in good company if you choose to apply for financial aid through grants.


Confused? Enter Launchpad

Rishi Gupta is a business coaching and mentoring representative of the business advisory service Launchpad Company. She raises awareness among small and start-up Aussie business owners and managers about grants.

Rishi aims to explain the nitty-gritty details of the different business offerings of her company that can help a business rebound from pandemic difficulties.

It is essential for Rishi to reach out to Aussies so that businesses can find the right grant for the survival of their brands, especially since many are unaware that they could qualify for those.

A Wide Array of Grant Funding

Gupta noted that brands choose a wide array of grant funding amounts, starting at $500 and tapering off somewhere at $20 million. Grant applicants have many choices as to how much they can apply for.

Grants can be in the form of a business loan, meaning you would still have to repay it. But since the survival of your brand is in the company’s best interests, a loan is a welcome relief if it helps your business rebound from pandemic losses.

What makes it easier is that some loans are zero-interest packages, so you only have to pay the original loan amount. You may want to check the repayment period so that you can find a grant that will be relatively easier to pay back over time.

Please take note that some grants are donations meaning you would never be obligated to repay them. These are the most valuable type of grants you can get.

Paying your loan on time would mean that the money goes back into the program and may then be lent to other business owners that are having difficulties. The important thing is to keep that money circulating and benefitting an array of businesses.

Gupta pointed out that grants are available even for medium to large-sized businesses. Her company does not confine itself to only small or start-up enterprises. You can qualify for assistance as long as you are entitled based on specific eligibility criteria. All businesses are at risk from the current economic situation, so grants can be scaled to the size of the Aussie business they are meant for.


Areas Where Grants Are Awarded

Several business areas are prioritized to receive grants. The most common are:

  • Technology
  • Innovation
  • Biomedical
  • Marketing
  • Arts
  • Creatives
  • Sports
  • Community Projects/Community Welfare

Your business may be eligible for a grant in at least one of these sectors. There may also be some sectors not named here that can be deemed eligible for a grant too.

If you want to apply, you should have a well-defined business model. This will help the organization process grant funding to determine whether you qualify for a grant and how valuable the grant they are offering should be.


Where You Can Source Your Grants From

If you are not aware of where you could start making inquiries about grant funding, you could try checking out grants from the Aussie government. You can also search amongst private companies to find out what they offer.

Going online is the most obvious way to find these organizations and learn what they offer. You can ask amongst your colleagues and community leaders since some grants may be more well-known than others. It is possible to find organizations that have successfully applied for and qualified for grants too.


Start Looking For a Grant Today

You may solicit opinions from your executives and other company representatives if you feel that your business needs a grant at the moment. If you wish, you could always apply for a grant that you can repay so that it isn’t charity. The point is, that there are a lot of grants available at this time, so be sure to seek assistance this way to keep your business from going under.

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Published on June 06, 2022