Small Business Advice and Financial Guidance Program Round 3

⁠⁠⁠Small Business Advice and Financial Guidance Program Round 3

The Small Business Advice and Financial Guidance Program supports Tasmanian small businesses to be flexible, innovative and efficient. It provides eligible small businesses with access to relevant and current specialist financial services or business support to assist in their growth, transition, business recovery from unexpected events or application of other management strategies.

A total of $525,000 has been allocated for round three of this program, across the following two streams:

1. General support grants - $465,000
2. No Interest Loan Scheme (NILS) application support grants - $60,000

Stream 1: General support grants

Successful applicants will receive a grant of between $1,000 and $1,500 to obtain financial or business guidance services from a suitably qualified specialist/consultant to assist with topics that can include (but are not limited to):

• Advice, support, counselling, and the development of strategies to address financial/operational difficulties being experienced by the applicant business.
• The development of risk management strategies.
• Strategic analysis.
• Advice and analysis regarding the management of cash flow, preparation of cash flow budgets and projections.
• Profitability analysis.
• The formulation of financial/operational strategies to assist businesses to address the impacts of a disruptive event such as a pandemic, natural disaster, or other similar event.
• The development of business plans and governance frameworks.
• Advice regarding the management of debts and liabilities.
• Advice on pivoting, diversification, product innovation, marketing or online presence.

To receive grant funding, applicants will be required to:

• Nominate a suitably qualified service provider that will deliver specialist financial guidance or business support as part of their application.
• Provide an itemised quote confirming the services to be provided, as well as confirmation of an appointment made with the nominated service provider.

Applications for funding under this stream will open on Monday, 17 July 2023 at 2:00 pm and close on Thursday, 30 May 2024 at 2:00 pm, or when the available funding has been fully allocated, whichever occurs first.

Stream 2 (opening 2 October 2023): No Interest Loan Scheme (NILS) Micro Business application support grants.

From 2 October 2023, applications will be accepted to extend the support provided by business advisors under the New Business Support Pilot Program (NBS), to assist applicants complete their No Interest Loan Scheme (NILS) Micro Business application.

The NBS provides up to two hours of free and independent advice from qualified business advisors across the state and this can include assistance with the completion of NILS applications.

Noting that a NILS application can take longer than two hours, an additional three hours of support from your advisor (to a maximum value of $450.00) is available through the Small Business Advice and Financial Guidance Program.

Applicants wanting to use grant funds to assist in completing a NILS application must speak to an NBS advisor about applying on their behalf as applications for this stream of funding will only be accepted from approved NBS business advisors.

Upon request, eligible NBS advisors will be sent a link to a SmartyGrants application form, enabling them to submit an application under this funding stream. Advisors will need to confirm that the two hours of support available under the NBS has been fully utilised, and only one application per client can be submitted by the NBS advisor. To receive the grant payment, NBS advisors must submit an invoice detailing the services provided, and the number of hours used (to a maximum allocation of three hours).

Applications for funding under this stream will open on Monday, 2 October 2023 at 2:00 pm and close on Thursday, 30 May 2024 at 2:00 pm, or when the available funding has been fully allocated, whichever occurs first.