Entrepreneur Grants: The Do's and Don'ts!
Looking for some help to grow your small business? Round two of the Small Business Entrepreneur Grants Program is now open for applications. If this is your first application for a government grant, you may not be aware of the compliance issues involved.
Make sure you are ready to comply by checking the list below:
- Review the grant terms and conditions prior to applying – if successful you are automatically bound to those terms and there is no room to negotiate. Once submitted and successful, you are ‘locked in’ to deliver that specific project. You can apply to amend your project, but there is no guarantee the amendment will be accepted.
- Keep the Department advised of any changes to the project immediately.
- Keep an eye on the time
- One month from the date of the approval letter to start the project
- Three months from that date to complete the project from start to finish and
- One month after you complete it to submit your paperwork for payment.
- Submit a valid tax invoice for your payment to a third party for the project, together with copies of supplier invoices and proof of payment.
- Prepare a detailed project acquittal report, accounting for the funds spent on the project and the impact it has had on your business. This can be completed online with Smarty Grants https://www.smartygrants.com.au/ .
- Be prepared to share - because this is a government run program, your personal information, and the contents of the application can be publicly disclosed.
- Begin the project, or make a part payment for it, until it is confirmed to you that your application has been successful.
- Expect payment upfront or for the whole amount. Payment of up to half the costs will only be reimbursed to you after you have completed the project and paid for it yourself.
- Think your involvement ends when you get paid – you may still be randomly selected for government audit processes and you are required to complete a survey 12 months later.
- Breach your terms of the agreement – as the grant agreement may be terminated and you may have to refund the money.
Think you’d like to apply? Visit Small Business Entrepreneur Grants. For further information or assistance with the grant, email [email protected] or phone 13QGOV (13 74 68).
For further advice on this topic please contact our Intellectual Property team.
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