Reading time: 2 minutes

Where are you at in your business growth? Pre-launch? Launch? Beyond? Is your business growing but you need more money to support the growth in areas such as hiring new staff or purchasing more stock or new equipment?

We’re often asked for help with financing a business. We suggest five key paths as follows:

  1. Loans
  2. Grants
  3. Convertible Notes
  4. Equity funding
  5. Crowdfunding.

This article is part of a five-part series on how to finance your business. Are you in a particular industry that is of interest to the government? A grant may assist you.

Part 2 – Grants

Certain government grants are available for small businesses and startups to help you fund and grow your business. There are numerous grants available in various industries. Have a look here.

The principal advantage of funding your business using a grant is that they provide a way to receive capital for starting a business that does not involve giving away any equity or taking on debt obligations. There are many different industries with programs available, particularly for people who are low-income earners, are employing people with disabilities or are involved in export enterprises. Many grants provide capital, mentoring, training and interest-free loans.

The main disadvantage is that grants are generally hard to obtain. As few as 1 in 100 applicants may succeed, or less in a competitive field. The programs available are often specialised and come with eligibility requirements that are designed to give more vulnerable people in the community some added assistance in the creation or running of their own business. Grants are often difficult to get as there is a lot of competition, and they do come with their own requirements that your business must comply with when using the grant.

Conclusion

Is a grant right for you? Depending on the field in which you work, it may be a real option for funding your business.

If you need help to create a grant application, LegalVision can help you with this. LegalVision provides businesses and individuals with tailored online legal advice and agreements. Our experienced business lawyers can help you achieve your funding goals, so get in touch today. Call LegalVision on 1300 544 755.

Webinars

COVID-19 Vaccines In The Workplace

Thursday 10 February | 11:00 - 11:45am

Online
Can you compel employees to have a COVID-19 vaccine? Understand your rights and responsibilities as an employer. Register today for our free webinar.
Register Now

Preventing Wage Underpayment In Your Franchise

Wednesday 16 February | 11:00 - 11:45am

Online
Learn how to identify and prevent wage underpayment in your franchise. Register today for our free webinar.
Register Now

How to Prevent and Manage Commercial Contract Disputes

Thursday 24 February | 11:00 - 11:45am

Online
Learn how to prevent and manage common commercial contract disputes. Register today for our free webinar.
Register Now

About LegalVision: LegalVision is a commercial law firm that provides businesses with affordable and ongoing legal assistance through our industry-first membership.

By becoming a member, you'll have an experienced legal team ready to answer your questions, draft and review your contracts, and resolve your disputes. All the legal assistance your business needs, for a low monthly fee.

Learn more about our membership

Need Legal Help? Get a Free Fixed-Fee Quote

If you would like to receive a free fixed-fee quote or get in touch with our team, fill out the form below.

Our Awards

  • 2020 Excellence in Technology & Innovation Finalist – Australasian Law Awards
  • 2020 Employer of Choice Winner – Australasian Lawyer
  • 2021 Fastest Growing Law Firm - Financial Times APAC 500
  • 2020 AFR Fast 100 List - Australian Financial Review
  • 2021 Law Firm of the Year - Australasian Law Awards
  • 2019 Most Innovative Firm - Australasian Lawyer