Banking News

SME Export Hub Expanded to Support Small Businesses

SME Export Hub Expanded to Support Small Businesses

(12 May 2020 – Australia) Ten export hubs from five states will receive A$4.9 million in new funding to support small businesses successful emergence from the COVID-19 crisis ) as part of the expanded Small and Medium Enterprises (SME) Export Hubs Initiative.

The SME Export Hubs Initiative provides each successful location with matched funding of up to A$1.5 million for projects up to two years to cover up to 50 percent of eligible project costs. Projects must be completed by the end of H1 2022. Export hubs are collaborative business networks that help small businesses harness opportunities in global marketplaces and can operate in six key industry sectors including advanced manufacturing, cyber security, food and agribusiness, medical technologies and pharmaceuticals, mining equipment, technology and services, oil, gas and energy resources.

The grants support SME export hubs developing local, regional and Indigenous brands with several successful applicants already announced such as Fruit Growers Tasmania and Subsea Energy Australia. The hubs are designed to work with Growth Centres in each sector to take advantage of export opportunities, rolled out under the second round of the SME Export Hubs Initiative in locations such as Nowra, Hobart and Perth.

For businesses to be eligible the project must include eligible activities and eligible expenditure, have at least A$300,000 in eligible expenditure, support the establishment or operation of a new or existing export hub or support participating SMEs to improve their capability to increase exports, and create jobs. Businesses must also develop and implement an export strategy that is focused on current or future global opportunities and builds on identified competitive strengths and innovation potential of participating SMEs. Businesses are encouraged to refer to grant opportunity guidelines for further information on eligibility criteria or contact to find out more: https://www.business.gov.au/Contact-Us

“The funding is integral to helping Australian businesses grow and will ultimately increase local and regional job opportunities. The Coalition is committed to supporting small and medium businesses through the SME Export Hubs Initiative and other successful programs like the Entrepreneurs’ Programme and Industry Growth Centres initiative. Export hubs will be expected to develop export strategies based on local strengths, which in turn will align with the national strategies and networks of the Growth Centres” stated Minister for Industry, Science and Technology, the Hon Karen Andrews MP.

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