In focus: Government schemes and incentives for women entrepreneurs in Australia
Geographically, Australia is part of the region known as the Asia-Pacific Region. The entrepreneurial spirit is alive and flourishing in Australia. It is reported that this is one of the best countries to start your own business with over 15% of the population being engaged in entrepreneurship. And, research revealed that 30% of businesses in Australia are owned by women.
Incidentally, the circle of women starting their own business was on the rise in Australia and then the unprecedented pandemic struck.
Here are some prominent government schemes and incentives available to women entrepreneurs in Australia.
> Business Grants for Women in Business
There are a range of business grants available for women in Australia. If you are a woman entrepreneur in Australia, it is most likely you will be eligible for a government grant that can help you with your business.
In 2022, the Federal Government launched its latest initiative – to assist women in business. The grant fund business start-ups, as well as offer support to existing businesses that are looking to expand. This is indeed, a great opportunity for women who are aiming to start or grow their own businesses.
The Federal government offers a number of grants and programs that correctly targets women entrepreneurs. For eg the Women’s Enterprise Initiative provides funding to help women set up and grow their businesses. The program offers grants of up to $50,000 for eligible businesses.
The Australian government also offers the Business Grants Hub – which provides complete information on a range of government grants and programs that may be relevant for businesses. This includes grants for business growth, innovation, export, and more.
Besides, there are also a number of private sector initiatives that provide funding and support for women entrepreneurs in Australia- like the Boosting Female Founders Initiative is a program that provides mentoring, coaching, and access to capital for female entrepreneurs.
> The Global Women’s Project
The Global Women’s Project firmly asserts that all women of all ages (young and old) have the potential to make great change.
It is a non-profit organization based in Melbourne, Australia which works for rights of women. They are dedicated to create a world where women can take decisions of their own lives and keep themselves away from poverty, discrimination, violence and inequality. This organization has many plus points – it supports women on a global basis, it believes in social justice, solidarity and compassion. Tracing back, this organization was started by four passionate women in the year 2013 with a sole aim of global gender equality. So, they have one sole purpose – to give women around the world the tools and resources they need to build better lives for themselves, their families and communities.
They provide women with access to information, skills, resources and community – so that they can start and grow their own businesses or find jobs.
> AusIndustry, Support for Australian Business
AusIndustry is a department of Australian Government that concentrates on the Australian business industry, through innovation and Science. It improves any business owner’s access to information and advice regarding – setting up and running a business, commercialisation of products made and upgradation or expansion of business houses. The website is also an online community for business owners which provides all information – related to government loans and schemes to aspiring business owners. It also gives information on how to go about setting up a bsuiness like – planning, starting and growing of business.
> Business Victoria
The Government of Victoria is an Australian state democratic administrative authority. Here you get all help – guidance, services and skills needed to start, run and transform your new business. You can set up or expand your business through various programmes and funding schemes, and can take it to the next level with Victorian Government’s assistance. It provides assistance in the form of grants and vouchers, simplifies trade options for you, give away awards to successful entrepreneurs for motivating the culture of entrepreneurship in Australia; and it provides training and mentoring programmes as well.
> Indigenous Business Australia (IBA)
IBA is a commercially-focused organization that focuses on the economic independence for Aboriginal and Torres Strait Islander people. They extend support with skill development schemes and knowledge procurement by various training programmes – for development of indigenous industry. It also provides with resources that can help set up sustainable industry. Although the eligibility criteria for getting assistance is the individual must be of Aboriginal or Torres Strait Islander descent and should be of 18 years old.
> National Foundation for Australian Women (NFAW)
This body is a “collective voice of Australian women active for more than two decades”. Caterting to the status and well-being of Australian women and girls, they also analyse and advocate on trending, national, and long-term policy issues that impact the status and well-being of women and girls in Australia. It affiliates with like-minded organisations for supporting women of the country both socially and economically. The various services it provides are pay equity, income support, education and house affordability.