On the 8th of March 2021 (International Women’s Day), the federal government launched a new $11.6 million funding round under the Boosting Female Founders Initiative that will support female entrepreneurs to build their businesses, take on global markets and create local jobs.
The Boosting Female Founders Initiative – Round 2 program will provide targeted support on a co-contribution basis to female founders of start-up businesses to scale into domestic and global markets.
- Round 2: $11.6 million in grant funding is available
- All eligible applicants can apply for a grant between $25,000 and $400,000.
- The grant amount will be up to 50% of eligible project costs – co-contribution basis
The objectives of the program are to:
- stimulate private sector investments into innovative start-ups led by women
- help women entrepreneurs overcome the disadvantages faced in getting access to finance and support to grow their start-ups
- enable female founders to scale-up, expand into domestic and global markets, and become self-sufficient
- boost the economy through increasing the diversity of start-up founders.
You are responsible for the remaining eligible project expenditure plus any ineligible expenditure. Contributions to your project must be cash. You are encouraged to seek contributions from private investors and industry partners.
The grant opportunity will be delivered through a two-stage competitive selection process due to the expected high demand for this program. You will first apply via an Expression of Interest (EOI). If successful, you will be invited to submit a Stage Two grant application.
To be eligible you must be a female founded (majority owned and led by women) start-up as defined in the grant opportunity guidelines.
You must also have an Australian Business Number (ABN) and be one of the following entities:
- an entity incorporated in Australia
- a partnership
- a sole trader.
In addition, the Boosting Female Founders Initiative program can only accept applications where you can:
- provide a signed declaration, on the template provided, that your start-up is female founded (majority owned and led by women)
- certify that your start-up will remain majority owned and led by women for the duration of the grant (this will be a requirement of the grant agreement)
- include all mandatory attachments.
How the grant money can be used
Eligible activities can include the following:
- developing software and apps
- launching and scaling products
- product development and marketing
- purchase of equipment to enable growth
- expansion to other markets
- access to independent management
- access to relevant professional development
If you are successful in the EOI stage and are invited to apply for Stage Two, you must also provide:
- evidence to support your source of funding (e.g. letter from contributor/s confirming funding amount)
- a pitch deck (PDF or PowerPoint presentation max 10 slides) and/or link to a video pitch from your CEO (no longer than 5 mins) supporting your response to the assessment criteria
- business financial documents including your most current profit and loss, balance sheet and cash flow statements
- a business plan, including revenue model, customer acquisition and company/management structure, scope, implementation methodology, timeframes, budget, risks and how you will measure the success of the project
- a trust deed (where applicable).
Applications for Round 2 are open until 22 April 2021.
To download the grant opportunity guidelines click here.
To apply, go to www.business.gov.au/bff
If you have any questions about the Boosting Female Founders grant or would like to organise a meeting with an Accountant, please contact us.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.