Australia: Small Business Advice and Financial Guidance Program (Round 3)

Priorities

• Funding is available to access financial or business guidance services from suitably qualified specialist/consultant to assist small businesses with:
  • advice, support, counselling, and the development of strategies to address financial/operational difficulties being experienced
  • the development of risk management strategies
  • advice and analysis regarding the management of cash flow, preparation of cash flow budgets and projections
  • profitability analysis
  • the formulation of financial/operational strategies to assist businesses address the impact of COVID-19
  • the development of business plans and governance frameworks
  • advice regarding the management of debts and liabilities
  • advice on pivoting, diversification, product innovation, marketing or online presence

Focus Areas

• The Small Business Growth Strategy 2026 was developed following a consultation process with individual businesses, industry representative organisations and communities across Tasmania. Feedback has been grouped under four key themes that provide an indication of what is important to Tasmanian businesses, where challenges and opportunities lie, and areas to focus on to enable growth in whatever form businesses choose. The four themes are:
  • People and connections
  • Place
  • Enabling business
  • Technology

Funding Information

• A total of $525,000 has been allocated for round three of this program, across the following two streams:
  • General support grants – $465,000
    • Successful applicants will receive a grant of between $1,000 and $1,500 to obtain financial or business guidance services from a suitably qualified specialist/consultant.
  • No Interest Loan Scheme (NILS) application support grants – $60,000
    • Applications will be accepted to extend the support provided by business advisors under the New Business Support Pilot Program (NBS), to assist applicants complete their No Interest Loan Scheme (NILS) application.
    • The NBS provides up to two hours of free and independent advice from qualified business advisors across the state. One area that NBS advisors can assist with is in completing applications to the NILS. Completing a NILS application can take longer than two hours and, in that instance, additional support of up to three hours (to a maximum value of $450.00) from the advisor is available through the Small Business Advice and Financial Guidance Program.

Eligible Activities

• An eligible activity is one where an external professional financial or business advice service provider assists the applicant business with plans for growth, transition, recovery or to apply other strategies to help manage the business.
• The activity the applicant wishes to undertake, and the service provider for that activity, need to be detailed in the application form and approved for grant funding prior to the activity taking place.
• To allow time for application assessment and grant notification, applicants are advised to allow a minimum of two calendar weeks between the date of applying and the initial activity/appointment with the nominated service provider.
• Examples of what the funding can be used for includes (but is not limited to):
  • Advice, support, counselling, and the development of strategies to address financial/operational difficulties being experienced by the applicant business.
  • The development of risk management strategies.
  • Strategic analysis.
  • Advice and analysis regarding the management of cash flow, preparation of cash flow budgets and projections.
  • Profitability analysis.
  • The formulation of financial/operational strategies to assist businesses address the impacts of disruptive events such as a pandemic, natural disaster, or other similar events.
  • The development of business plans and governance frameworks.
  • Advice regarding the management of debts and liabilities.
  • Advice on pivoting, diversification, product innovation, marketing or online presence.

Eligibility Criteria

• Eligible applicants must:
  • Be registered for tax purposes in Australia with an active Australian Business Number (ABN) on or before 17 July 2022 and submit only one application in this program round.
  • Be a small business with no more than 19 full time equivalent (FTE) employees and be able to demonstrate that the business is currently operating and located in Tasmania.
  • Be a majority-owned Tasmanian business.
  • Be able to demonstrate an annual business sales turnover of more than $30,000 in financial year 2021-22 or financial year 2022-23.
  • Provide all the required supporting evidence at the time of submitting the application (note: applications submitted without the required supporting evidence will be assessed as ineligible).
  • For applicants who received funding in round two of this program, provide evidence of how the funds were used in round two. Examples of evidence may include:
    • A report outlining the work undertaken with your service provider.
    • A receipt of payment you made to your service provider detailing the work undertaken using your round two grant funds.
    • An email from your service provider detailing the work undertaken.
    • Any other relevant evidence that demonstrates how you used your grant funds from round two.
• The service provider that will be engaged by the applicant to provide the financial or business guidance services must be:
  • A business that is located and registered for tax purposes in Australia with an active ABN on or before 17 July 2022.
  • Easily recognised as a business that regularly provides financial and/or business expertise and services, aligned to those to be funded under this program, to a range of businesses.

Ineligibility Criteria

• Applications will not be accepted from the following:
  • Not-for-profit organisations, incorporated associations, or charities UNLESS the organisation is operating as a business employing paid staff and selling goods and services to customers that make up more than 30 per cent of their income.
  • Any public company under the meaning as defined in the Corporations Act 2001.
  • Any business that is for sale, trading insolvent, under external administration or bankruptcy.
  • Investment entities that solely generate passive turnover from residential and commercial property investment and/or the passive renting of property.
  • Any government body, government agency or government business enterprise.
  • Applicants who have already been approved to receive a grant in this round of the program. Only one successful application per ABN and/or business operation per round of the program is permitted.
  • Applications made and submitted by the nominated service provider on behalf of the applicant business.
  • Applications for activities that have taken place prior to the applicant being notified of the outcome of their application.
  • Applications where the initial activity/appointment with the service provider is more than six months after the applicant is notified of the outcome of their application.
  • Applications where there is a conflict of interest between the business owner and the nominated service provider (for example, if a familial relationship exists between the business owner and the nominated service provider).
  • Third party submissions unless the applicant has provided the third party with written permission to do so on their behalf, and this permission is submitted as evidence with the application.
  • Any business that applies without the required supporting evidence.
  • Applications from any business that is up for sale at the time of submitting an application.

For more information, visit Australian Government.