The Government announced that businesses who have claimed under the Export Market Development Grant Scheme are expected be reimbursed in full this grant year.
Administered by Austrade
, the financial assistance program distributes grants to eligible Australian businesses to help with exporting expenses. The scheme is designed to help export focused small and medium sized businesses build and create sustainable markets internationally
Parliamentary Secretary for Trade Justine Elliot announced on Friday that businesses with approved grants should expect to be reimbursed the full amount of their claims.
"I am pleased to announce today we expect the second payment for the balance of grants over $50,000 to reimburse exporters their full entitlement under the scheme. The maximum grant payable is $150,000," Elliot said.
"The EMDG scheme is an important part of supporting exporters, which is why the Government has committed $150.4 million to it in the current Budget," she added.
Changes to the scheme made over the past two years include increasing initial grant payments from $27,500 to $50,000, and extending the scheme to 2016. Elliot said these changes give businesses the security they need to help plan future export strategies.
"We have also extended the scheme to 2015-16, which means businesses can plan their export strategy in the knowledge grants will still be available," Elliot said.
"The Government is determined to support exporters in their key role generating jobs and prosperity for Australia," she added.
In order for businesses to be eligible for grants they must meet the following requirements*:
- Have an income lower than $50 million in the grant year
- Incurred at least $20,000 of eligible export expenses under the scheme
- Principal status for the export business
Businesses must also have promoted one of the following:
- The export of goods and most services
- Inbound tourism
- The export of intellectual property and know-how
- Conferences and events held in Australia
EMDG grant applications for the 2011-2012 year open on the first of July. Businesses who have made claims through the scheme are expected to receive payments in June.
*Eligibility requirements as stated on the Austrade website.