Small Business Grants: the Industry Growth Program

Are you seeking funding through a small business grant? A government grant like the Industry Growth Program may work for you!

The Industry Growth Program is a government grant program for small and medium enterprises (SMEs) that helps businesses commercialise their ideas, grow their operations, improve ability to engage with national and international markets, as well as positioning the companies to look at investing in their future. 

Who is it available for?

The target are SMEs whose focus is within the government’s priority areas for the National Reconstruction Fund – building manufacturing capability for the future. 

These business areas include: 

• renewables and low emissions technologies 
• medical science 
• transport 
• value-add in the agriculture, forestry and fisheries sectors 
• value-add in resources 
• defence capability 
• enabling capabilities 

What kind of funding and assistance is provided? 

There are three core stages with this program: 

Stage 1: Advice

Industry Growth Program (IGP) advisers provide tailored advice to support growth projects 

Stage 2: Funding

Businesses who receive advice might be eligible for matched grant funding opportunities 

Stage 3: Specialised Help

Industry partner organisations provide specialist advice and services 

There are two types of funding, which are based around technology readiness levels or TRLs: 

1. Early-stage (TRL3 to TRL6) – Grants of $50,000 to $250,000
2. Commercialisation and growth (TRL4 to TRL9) – Grants of $100,000 to $5,000,000

What are the conditions?

For the advice aspect of the program: 

• Turnover less than $20m for each of the 3 financial years prior to lodging the application 
• Have an ABN 
• NOT exempt from paying income tax 
• Registered for GST 
• Company incorporated in Australia, a co-operative or an incorporated trustee applying on behalf of a trust 
• Have an innovative product, process or service (new and unique, not a slight change to the current) 
• Must involve significant enhancements that will let the business scale and transform 

For the grant opportunities: 

Early-stage funding

• Feasibility study, proof of concept or prototyping stage of development 
• Must have completed the advice aspect of the program with an approved adviser 
• Hold good merit within the program 

Commercialisation and growth funding

• Prototyping through to market readiness stages of development 
• Must have completed the advice part of the program with an approved adviser
• Hold good merit within the program 

Does your business specialise in any of these areas? Renewables and low emissions technologies; medical science; transport; value-add in the agriculture, forestry and fisheries sectors; value-add in resources; defence capability; or enabling capabilities.

If yes, then you should check out this program!

 

How do you apply?

For the advice: 

• Any time that all eligibility requirements are met 
• Through the online portal 
• By an authorised representative of the business 

For either grant: 

• After having received advice (using Industry Growth Program Advisory Service number) 
• Through the online portal 
• By an authorised representative of the business 

The fine print

Applications are open now

• You can find the guidelines and applications here Industry Growth Program applications

When does the program start?

• The program starts once the application is approved and an adviser is available 

When does the program end?

• The advisory service ends after the report has been completed by the adviser 
• The grant ends 2 years after the grant is received 

Business Area Classification

• For definitions on included business areas for these programs, visit the National Reconstruction Fund Corporation website

Securing funding can be challenging, but it’s a crucial step towards accelerating your business growth. Whether you need help navigating the Industry Growth Program application or want to explore other potential funding avenues tailored to your business needs, our team is here to assist. Schedule a Discovery Meeting with us today to start turning your business goals into reality.