Up to $7,000 is available from New Market Expansion Program to help SMEs explore and seek new markets both nationally and overseas.
New Market Expansion Program
The New Market Expansion Program provides small and medium-sized businesses with funding to help them with the costs of marketing activities to create new national and overseas markets.
The Department of State Growth has allocated $80 000 in 2018-19 for the New Market Expansion Program (NMEP), to support innovation and assist business to expand their markets beyond Tasmania. Under the NMEP, eligible enterprises receive a financial rebate to offset the costs of marketing activities in international markets.
The New Market Expansion Program meets a gap in government assistance for Tasmanian enterprises wishing to enter international markets, specifically where export marketing spending is less than the threshold spending amount required under the Australian Government’s Export Market Development Grant (EMDG) scheme to gain reimbursement of expenses.
The New Market Expansion Program is assisting export-ready small to medium size enterprises to grow their businesses, creating jobs and wealth by developing international markets. In 2017-18, the NMEP supported new market activity in China and Hong Kong, Republic of Korea, Japan, Singapore, Indonesia, Sri Lanka, North America, Germany and the United Kingdom.
Applicants may receive a financial rebate of up to $7,000 to cover up to 50% of the costs of eligible expenditure.
Funding may be used for:
- market research and business matching services
- promotional activities and materials, including advertising
- attending trade exhibitions and promotions
- assisting with inbound buyers’ visits to Tasmania
- travel to undertake marketing activities.
To be eligible, you must:
- have an Australian Business Number (ABN) and be registered for GST
- be producing products and services in Tasmania which have an Australian content of at least 51%
- have an annual turnover of between $300,000 and $20 million
- not be a current claimant of the Austrade Export Market Development Grants (EMDG) or any other government market development assistance scheme
- not be subject to any legal disability, including bankruptcy or liquidation.
The funding can only be used for approved marketing activities related to creating new national and overseas markets.
Applications close 31 May 2019.