Are you in need of cash to help you fund projects and startup activities? Detailed below are a number of grants and funding opportunities currently open for application. These opportunities are in addition to the Research and Development Tax Incentive and the Export Market Development Grant (EMDG).
Clinical Translation and Commercialisation– Medtech (CTCM) Program
What is it?
The program aims to identify and nurture high-quality medical device projects that have commercial potential and support their translation through early clinical trials. The program is focused on Australian SMEs and aims to boost commercialisation of home-grown medical products.
Projects must focus on the development of a medical device for human use, the purpose of which is to diagnose, prevent, monitor, treat or alleviate a disease or injury, or modify or monitor anatomy or physiological functions of the body. Funding will only be awarded to projects where the device’s capability has already been validated with research and/or preclinical studies.
What funding is available?
Grants of between $250,000 – $1.5 million. To be eligible, applicants are required to provide a co-contribution to the value of 50% of the CTCM funding request.
What projects will the funding support?
Activities supported will include, but are not limited to, product development and testing, clinical trial activity and regulatory support. The basic criteria are:
- Be a registered Australian-based business
- Be incorporated in Australia
- Have an ABN
- Have less than 200 employees
- Demonstrated capacity to match the co-contribution requirement.
Applications are open now and close on Friday, 11 March 2022.
Coles Nurture Fund (CNF)
What is it?
The program aims to support SMEs in Australia’s food and grocery sector to innovate and grow. Projects that are not only unique and drive innovation, but also drive sustainability and growth within the sector will be looked upon favourably.
What funding is available?
The maximum single allocation of funds under the CNF is $500,000.
What projects will the funding support?
Applicants will need to demonstrate that they are seeking funding for a project which is unique, drives innovation and provides outstanding sustainability benefits – the basic criteria are:
- Turnover less than $25m
- No more than 50 full time employees
- Have a registered ABN
- Trading for a minimum of two years
- Provision of financial statements for a minimum of the previous two financial years
- Provision of a funding declaration from an external accountant.
Applications are open now and close on 25 February 2022.
Venture Growth Fund
What is it?
The $25m program, announced as part of the 2020/21 Victorian Budget, aims to support high-growth, revenue-generating startups to access the capital they need to scale up and increase workforce capabilities. OneVentures and Lighter Capital have been appointed as managers to deliver the VGF.
What funding is available?
It is expected that the VGF will:
- Provide loans of between $500,000 and $5 million on six-month to 48-month terms.
- Charge interest rates that reflect the relatively high-risk nature of startup investments.
- Make loans that are typically covenant light.
- Not require personal director guarantees.
What companies will the funding support?
The VGF is expected to focus on companies with the following characteristics:
- High-growth startups with a proven product market-fit and scaling revenues
- Growing rapidly
- Have a low cash burn rate
- Will either be profitable or have a clear line of sight to profitability
- Have substantial equity base with supportive equity investors
Interested parties are invited to submit their details here.
For more information on these or other available grants, please contact your local William Buck Advisor.
