New Market Entry Grants provide up to $15,000 per new international market to small and medium-sized businesses. This is available to businesses that have exhausted or are not eligible for the Emerging Exporter and Export Accelerator categories.
This a competitive program that is awarded based on the merit of applications.
Applicants can receive the grant if they meet all of the core program eligibility criteria, additionally; an applicant must also:
- Be entering a new international market (if a significant point of difference can be demonstrated between internal markets in your application it will be considered by the assessment panel).
- Have an annual turnover between $250,000 and $20 million
- Be a registered South Australian business
- Have an ABN and be registered for GST
- Have a tradeable, export-ready good or service that is made in South Australia (refer to page 13 of the SAEA Program Guidelines).
- Be able to enter into a legally binding funding agreement with the South Australian Government
- Be willing to provide information and data, including financial information as required
- Be able to commit and contribute 1:1 matched funds towards the proposed costs
- Provide at least two sets of recent full financial statements prepared in accordance with Australian Accounting Standards, inclusive of but not limited to a Balance Sheet and Profit and Loss Statement that reflect the previous two years of business.
If successful a New Market Entry Grant will only cover eligible costs incurred up to six months prior to, and 12 months following the closing date of the round in which the application is submitted.
A new international market is one that your business has had no direct sales into over the preceding five years.
Applicants may be sole traders, companies and trusts.
As part of your application you will need to upload:
- An export plan of no more than 15 pages with details of your business export expansion or growth plans, including (but not limited to) a description of your business, your product/service, export market selection, market entry strategy, breakdown of costs, project milestones, and an explanation of how your business will create new jobs and/or increase export revenue
- Your two most recent set of full financial statements prepared in accordance with Australian Accounting Standards, inclusive of but not limited to a Balance Sheet and Profit and Loss Statement that reflects the last two years of business
- Projections, budget or cashflow forecast for the next 12 months.