From 1 July 2021, the Export Market Development Grant underwent some major changes
An “eligibility-based grant program” has been introduced. Businesses that believe they could be eligible for the Export Market Development Grant are required to submit an application to Austrade from 16 August (application opening date) to 30 November 2021.
This grant is available to any Australian exporter operating in any type of business entity – Sole Traders, Partnerships, Trusts or Companies. Over 4,000 Australian businesses participate in this grant program each year and may be particularly relevant for business exporters or those that supply tourism services to overseas’ residents.
From now on, businesses must have a turnover of less than $20M to apply for this grant.
Grants are available in three tiers over a maximum of 8 years, with total funding amount over the 8 years (which do not have to be consecutive) of $770,000 available for eligible complying businesses.
- Tier 1 Ready to Export: First time exporters. Maximum 2 years and maximum $40,000 per financial year.
- Tier 2 Expanding: Expanding your export promotion activities. Maximum 3 years a maximum $80,000 per financial year.
- Tier 3 Expanding and Strategic Shift: Expanding your export promotion activities and making a strategic shift, for example, targeting a new market or a new type of customer. Maximum 3 years and maximum $150,000 per financial year.
When the grant applications have been assessed and individual grants approved by Austrade (after 30 November 2021) a Grant Agreement will then be prepared between Austrade and the applicant. Austrade has indicated that milestone payments will be made to successful applicants.