Top 5 business resources you should know about in Melbourne
July 5, 2021
Finding which resources are relevant to your business can be a challenge. Below is a summary of our top 5 business resources in Melbourne that could benefit your business, right now.
1. Sole Trader Support Fund Many sole traders were not eligible for the Business Support Fund Program rolled out to help small business; but the Victorian government announced a $100 million package of grant funding for sole traders who may have been previously excluded.
Premier Daniel Andrews has said a “package of considerable support” totalling 3 billion would be made accessible to sole traders, and Victorian small and medium-sized businesses. This will include $100 million in grants funding for sole traders and grants of $3,000 to sole traders who are tenants or licensees in commercial premises. This is expected to help up to 33,000 sole traders. Access more information here.
2. Business Support Fund Third Round The third round of the Business Support Fund will provide grants of $20,000, $15,000, or $10,000, depending on the size of your business, to eligible businesses with a payroll of up to $10 million. Applications are open now. This initiative is not available to sole traders that do not have employees.
Is your business eligible for payroll tax relief?
3. Voucher Program There is also a $20 million voucher program available to sole traders and small businesses to aid in building their digital capacity through platforms such as Shopify or Square online and workshops designed to help adapt to online operations.
4. Commercial tenancy relief scheme The Victorian Government commercial tenancy relief scheme aims to alleviate the financial hardship faced by commercial tenants and landlords because of coronavirus. It includes:
– six-month postponement on commercial tenancy evictions from 29 March 2020 for small businesses with an annual turnover of less than $50 million. If you are unable to pay their rent and have experienced a minimum 30 percent reduction in turnover are eligible for this support.
– a freeze on rent increases.
– commercial landlords are required to negotiate rent relief after considering the reduction in their tenant’s turnover and their own ability to offer financial relief. A free mediation service is available for those unable to reach an agreement. If you are stuck in an unaffordable lease agreement and you would like to discuss your tenancy situation you can email the Victorian Small Business Commission here or phone them on 13 87 22. If you are unsure how to approach you landlord a free ‘letter of support’ template can be accessed
The government will guarantee loans from eligible lenders for SMEs, including sole traders, with a turnover of up to $50 million
5. The Coronavirus SME Guarantee Scheme The government will guarantee loans from eligible lenders for SMEs, including sole traders, with a turnover of up to $50 million. This is unsecured finance, meaning you will not have to provide an asset as security for the loan. This initiative aims to give businesses access to working capital when they need it to help them survive, adapt, or pivot their business in the wake of the virus. Loans can be held up to three years, with an initial six-month repayment holiday.
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