What is a business grant?

A business grant is a sum of money that is given to your business with no expectations of repayment. Grants are generally organised via funds allocated by the Government or from companies and charities. 

While a grant isn’t expected to be repaid, often the money will come with some strings attached, such as rules around how it is spent and what it is spent on. You should be able to show results from the grant, and use the money in a way that moves your business forward.

Who is eligible for business grants in New Zealand?

Anyone who runs a business in New Zealand may be eligible for a small business grant. They may need to have their company listed on the New Zealand Companies Register as well, and it can be helpful to have a defined plan for the future of the business so that those allocating the grants can understand the way ahead.

From that point, the grants tend to apply to two distinct groups – entrepreneurs who are in the initial stages of establishing a company, or small business owners whose company is already up and running. The grants available to each group differ based on their requirements.

How much money can you get from business grants?

The amount of money that you can receive varies. Some startup grants can cover expenses that reach five figures, while others cover small expenses, such as business training days. As mentioned, money from grants is given to be used purposefully, so it will only cover what your business needs and no more.

What is the Regional Business Partner Network?

For all Government grants in New Zealand, you must first register with the Regional Business Partner Network. This service is designed to give business owners advice and access to resources. Enrolment is free and you’ll be paired with a business mentor, who can check your suitability for the grants on offer.

Tips for small businesses applying for government grants

Applying for government grants doesn’t need to be tricky, but it can take some time and you don’t want to go through all the preparation, just to have an application turned down. As well as registering with the Regional Business Partner Network, make sure you’ve done the following steps for the best chance at success.

Tip 1 – Understand exactly what you need

It’s not enough to just want some extra cash in the bank account. What does your business truly need to flourish? This could be business skills training that you need to lift your game in the industry, such as in marketing, or it could be extra investment in new product development. If you’re brand new with a business concept, you could have a look at startup business grants as well.

Tip 2 – Have a business plan

All government grants generally require that you have a business plan ready to show with each application. If you’re new to business planning, we have a guide here to get you started. If you’ve already got a plan, make sure it’s up to date and fits with what you’re applying for. Those assessing applications should be able to easily understand how the grant would fit with your aspirations for the future.

Tip 3 – Make a strong business case

You need to be able to prove to those assessing your application that the grant is truly needed. This is your chance to really show your vision for the grant and how it will affect your business and your team for the future. Remember to keep the business case focused and effective. Your local Regional Business Partner should be able to help with the structure for this.

Applying for a grant can seem intimidating, but you’ve got a better chance if you apply than if you don’t apply at all! Just keep your application focused and practical.

How to save on operating costs with Employment Hero

We know that it’s a difficult time for businesses at the moment, especially as costs go up and the economic environment continues to be challenging. One way to save costs can be through digital tools, which save you time and money by automating manual processes.

Employment Hero is a perfect digital tool for businesses, taking the pain out of HR, people management and payroll. With simple subscription costs, it’s a cost-effective choice too. Businesses who implemented Employment Hero experienced a 291% return on investment by the end of their first 3 years.

Find out how Employment Hero can support your business and reach out to our team today.