Funding for Small Business (And How You Can Get Bang for Your Buck)
It has been a rough year for everyone but especially small businesses.
With the trials and tribulations of 2020 behind us, many in the small business community are looking to the future and how you can balance your finances moving forward.
Thankfully, there are a myriad of options out there that small businesses can access, to bring some balance to the books this financial year.
Funding to grow your team
Under the new JobMaker program, eligible employers can access the JobMaker Hiring Credit to grow their staff with additional eligible employees.
Employers could receive payments of up to $200 per week for each eligible additional employee aged 16 – 29 and $100 per week for each eligible additional employee aged 30 – 35. Just by sourcing members of your team from within these age brackets, you could receive help to pay their wages.
Find out about the rules for this program and whether your small business is eligible on the ATO website.
The Queensland Government’s Back to Work program is designed to give businesses the confidence to employ job seekers.
Eligible businesses can receive a payment of up to $15,000 when they employ eligible job seekers aged 25 years or over and a payment of up to $20,000 for eligible businesses who employ a job seeker aged 14 – 24 years.
Job seekers are generally classified as those who are registered with a Job Active or Disability Employment Services Provider.
The incentive payment won’t apply to just anyone who is looking for a job, so make sure you check their registered status if you are looking to take part in this program.
Trainees and Apprentices
Apprenticeships and traineeships are a great way to bring in additional staff and support young workers through helping them learn a trade or skills and get qualified while they work.
There are many incentives and funding options for a trainee or apprentice, that are put into place not only to benefit the individual but the employing business as well.
Free Apprenticeships and Traineeships
Anyone under the age of 25 beginning their apprenticeship or traineeship between January 2021 and September 2022 may be able to receive their training for free.
Under the funding scheme, the Queensland government is covering the full cost of their training, so it’s a great time to fill a gap in your business perhaps with an administration, marketing, payroll trainee or an apprentice specific to your business services.
There are incentive payments for employers taking on a trainee or apprentice and wage subsidies that you can take advantage of. If you are looking for staff, its worthwhile to review the information regarding this program.
Upskill without breaking the bank
Professional development training and learning new skills to apply in your business can sometimes be costly.
In Queensland, the state government and industry bodies both have funding options for accessing VET courses or micro-credentials to help improve the skills of small business owners and their employees.
Higher Level Skills Funding
This funding scheme is a part of the Queensland Government’s VET investment plan and provides eligible individuals the ability to access funding for Certificate IV and above level qualifications.
This funding covers qualifications like the Certificate IV in Small Business Management. With qualifications like these, if you already have the documented skills and experience, you could consider an RPL pathway rather than traditional study.
The small business course provides small business owners (and their employees) with an overview of digital marketing, understanding your customers and their buying habits, managing teams, business planning and finance and project management processes among other important foundational skills.
To be eligible for the funding you must be an owner, manager or employee of a small business.
Offering professional development opportunities to your staff is great for employee morale and therefore the productivity of your team.
Certificate 3 Guarantee funding
If you’re an entrepreneur or solo business operator, you might benefit from some of the funded qualifications under the Certificate 3 Guarantee.
The co-contribution fees on these can be as low as $12 or $13!
As an example, those just starting out in business or looking to build a home-based business could explore qualifications such as the Certificate III in Micro Business Operations which takes you through the initial business planning, legislation, registration, financing and marketing phases of a micro business.
Let’s not forget about the construction industry.
Construction Skills Queensland are really pushing for construction workers and small businesses within the industry to up-skill or be recognised through RPL.
They offer funding for eligible candidates to study (or RPL) certificates and diplomas in areas like project management, work health and safety and business.
But, they also offer funding for short industry courses such as White Cards, Health and Safety Representative training, working at heights or in confined spaces plus much more.
Want to chat about your options? Contact us to discuss with our experienced team about what you might be eligible for.
This blog was written on 24th of May 2021. Any information contained in this article was current at the time of publication.