Parliamentary Secretary for Trade Kelvin Thomson MP has announced that over 2,600 businesses are likely to receive their full entitlement under the Export Market Development Grants (EMDG) scheme, according to a press release.
The small businesses with approved grants of up to $150,000 will likely receive the full value of their claims under the 2012-13 round.
“Carving out a space in overseas markets can be a tough and expensive business,” Thomson said.
“That’s why the Australian Government is happy to help exporters with some of the costs, and so help generate jobs and prosperity”.
The EMDG scheme is an Australian Government financial assistance program for aspiring and current exporters. EMDG supports a wide range of industry sectors including inbound tourism and intellectual property. Austrade, which administers the scheme, estimates that second tranche payout factor this year will be close to 100%.
According to the Austrade website the EMDG scheme:
- encourages small and medium sized Australian businesses to develop export markets
- reimburses up to 50% of eligible export promotion expenses above $10,000 provided that the total expenses are at least $20,000
- provides up to seven grants to each eligible applicant.
The EDMG scheme gives grants to eligible businesses to cover their marketing expenses for the previous year. Recently the Government announced a sharpened focus of the program on emerging and growth markets, particularly in Asia.
Aside from the minimum incurred expense, the business must have income of not more than $50 million in the grant year and have a principal status for the export business, in order to be eligible.
Any Australian individual, partnership, company, association, co-operative, statutory corporation or trust that has carried on export promotion activities during the year for which they wish to apply for an export grant, according to Austrade.
“The EMDG scheme is an important part of supporting exporters, which is why the Government has committed $125.4 million to it in the current Budget,” Mr. Thomson said.