Small Business Entrepreneurship and Innovation Fund

What is the Small Business Entrepreneurship and Innovation Fund?

Wyndham City’s Small Business Entrepreneurship and Innovation Fund is a program that has been specifically developed to support businesses within the City boundaries to develop innovation, encourage collaboration and build entrepreneurship capacity that generates long term business sustainability and regional growth containment.

Background

Wyndham City’s Small Business Entrepreneurship and Innovation Fund is a competitive fund open to all eligible businesses.

Funding decisions are based on the evaluation of applications by an assessment panel against pre-determined criteria with final approval by Council. The assessment process is based on the merits of the application and recipients are not pre-determined. Total funding of all successful applications will be limited to the maximum available as allocated in Council’s annual budget. Council reserves the right to not apply the full amount of allocated funds.

Program Streams

Wyndham City’s Small Business Entrepreneurship and Innovation Fund is divided into two funding streams. Applicants may apply for only one of the two available funding streams.

Stream 1:
Businesses that have been trading for a period of less than 24 months. This includes businesses that may still be in the early start-up phase and have yet to transact any sales.

Stream 2:
Businesses that have been trading for a period of more than 24 months and demonstrate capacity for continued sustainability and growth.

Examples of the types of initiatives Wyndham City may consider include but are not limited to:

investment in business training and skills development programs which focus on accelerating business start-up initiation and/or accelerating business growth and/or diversification
investment in innovative product and service research and/or development
investment in developing new technologies
investment in export capacity building initiatives
investment in projects that demonstrate a capacity to:
- enable productivity
- enable market competitiveness
- enable scalability
- enable long term sustainability

Funding

Total funds allocated to this program is $200,000.

Applicants may nominate for funding allocations of $2,000, $5,000 or $10,000; with the requested level of funds taking into account the extent of the proposed project.

Eligibility

For the purposes of Wyndham City’s Small Business Entrepreneurship and Innovation Fund businesses which meet the following business structures may apply:

non-employing businesses – sole proprietorships and partnerships without employees;
micro businesses – businesses employing 5 people or less; either fulltime, part time or a combination of fulltime and part time

To be eligible for funding, the applicant must be a business that:

has its principal place of business within Wyndham;
has a current, active ABN;
is compliant with all relevant local, state and federal legislation.

Timing

Applications close 29 March 2021.

More Information

Source

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