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The Importance of Grants and What They Can Mean To Your Business

Peter May
Peter May

All businesses, whether an established or new business, can potentially benefit from applying for grant funding.

Where did it start?

The CBD Sydney Chamber supports all businesses by connecting, engaging and supporting them through access to:

  • Key Speaker/Expert panels and meet ups in partnership with Business Alliance NSW
  • Business and personal improvement workshops
  • Access to training and education programs
  • Advocacy on business issues
  • Access to energy saving, legal and workplace advice support and advice.

In addition, the Chamber can assist Member businesses in understanding and applying for Grants.

Grants come in many forms from a range of different sources including both State and Local Government, the banks and many others. Each is generally for the specific purpose of providing financial or 'in-kind' support to assist SMEs grow, develop new ideas or launch new products or services.

Many of these grants will require support from partners and supporters - another area where the CBD Sydney Chamber has provided support for Members applying for Grants.

The Grants Landscape

Since the outbreak of the COVID-19 Pandemic there has been a significant response from all levels of government.

These include the NSW State Government's $10,000 Small Business Grant, the recently announced Homebuilder Grant of up to $25,000 to support small business by helping eligible owner-occupiers get on with building projects, the Create NSW grants for screen, art and cultural sectors, and the small business COVID-19 recovery grant worth up to $3,000 announced in July 2020.

And as part of the fourth annual NSW Small Business Month to be held in October this year, Councils and local chambers of commerce across NSW are also being encouraged to apply for up to $2,000 in grant funding to run activities in their local communities.

Many local government bodies have been equally active. For example, in the CBD, The Council of the City of Sydney provides grants on an ongoing basis in the form of business support, innovation, knowledge exchange, accommodation and festival and events sponsorship grants. They have stepped up even further during COVID-19 with provision of an additional $70 million of additional Grant funding to support local businesses.

Your Business May Benefit From These Right Now

Most Grants are framed with either short and long term benefits to the business, and the local economy in general. They are looking to create sustainable benefit that will assist business owners take their hard work to the next level.

Of course, all Grants have conditions of eligibility and generally require some significant effort in terms of completing applications. So, you need to have a firm idea of what you are asking for and how it will benefit your business. Many granting organisations will also ask for substantiation after the Grant has been provided to ensure that the funds have been used as originally intended. That's only fair.

And, of course, many of these grants are provided on an ongoing basis - so if the business is not successful the first time, there is generally opportunity to get feedback and to re-apply in future periods. The Chamber recommends that reviewing and applying for grants should be a part of any small businesses ongoing strategy.

Deputy Lord Mayor, City of Sydney - Councillor Jess Scully presenting at one of the Virtual Networking events by Business Alliance NSW in collaboration with CBD Sydney Chamber - Photography by Michael Thompson, Instagram: michael _ thompson _ photography

Membership Counts. Be A Member

This Chamber connects, engages and supports businesses and people in business to achieve the best possible outcome - whatever the business conditions.

Right now, these are probably more difficult than at any time in recent memories. By providing access to clear information, business support services, upskilling opportunities, the roundtable specialist series and the Women in Business Network, the Chamber can be a valuable support in moving through the current economic challenges.

That's why Membership Counts.

Contact Peter May - Executive Officer CBD Sydney Chamber on 02 9350 8103 or 0437 872 052.

Published on by BiziNet

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