NT updates Business Growth Program to support local businesses
Starting tomorrow, businesses within the Territory can receive new and tailored support under the refreshed Business Growth Program.
The impacts caused by the COVID-19 pandemic has forced businesses to adapt and develop new ways to generate income.
By taking this into consideration, the Territory Government updated the Business Growth Program to reflect current economic conditions.
“We are making the Territory the easiest place to do business and helping our local businesses get on with the job,” Minister for Small Business Paul Kirby said.
“Small business is the lifeblood of our community – by supporting them, we are helping grow the economy, creating jobs and investing in the future of the Territory.”
The Territory Government has streamlined the program’s application process, including a range of support for small businesses such as business planning, marketing, staffing, finance, operations and new technologies.
With the new Business Growth Program, businesses can access professional services to improve their performance, sustainability and profitability.
There are six areas of support under the Business Growth Program they include:
- Strategy – includes business planning to set clear outcomes and goals to achieve long-term business success.
- Marketing – designed to better promote and position your products and or services.
- Operations – improve your systems and processes to achieve operational efficiency and effectiveness.
- Financial – build a better understanding of the financial position of your business and develop strategies to improve cash flow and grow profit.
- People and Culture – develop workforce structure, policies and procedures that align with the vision, purpose and goals of the business
- Mentoring and coaching – available to businesses on a case-by-case basis once they have completed one of the Business Growth Programs.
“The Business Growth Program is the most popular business support grant program we offer, and last year, 577 Territory businesses applied for grants under the Program and received a share in $1.7 million in funding,” Minister Kirby said.
The Business Growth Program is a Northern Territory Government initiative that is managed by the Department of Industry, Tourism and Trade to help Northern Territory businesses grow, develop and expand their business.
Entities who would like to provide services under the program can register their interest on the GrantsNT website between 1 July and 15 July 2021.
Businesses wanting to access funding and support can apply for grants from 9 am on 15 July 2021.