Australian businesses are looking towards global markets to expand their reach and increase profitability. This objective is achievable as the businesses have access to global trade. The Australia Export Market Development Grants (EMDG), managed by Austrade, plays an important role in this expansion as it provides financial assistance to businesses engaging in international marketing efforts.
Besides supporting export promotion activities, EDMG reduces the economic risks of entering a new market. The scheme also supports marketing visits, trade shows, advertising, and promotional literature. To capitalise on these opportunities, you must understand what export market development grant is, along with their eligibility and application process.
Understanding the Export Market Development Grants
Here is everything you need to know about Australia Export Market Development Grants (EMDG):
What are Export Market Development Grants?
The EMDG scheme encourages businesses to increase their international marketing and promotion efforts. This grant, managed by Austrade, supports many industries in their efforts to expand beyond domestic markets. The primary objective of EMDG is to help small and medium-sized businesses sell, promote, and export their products and services to overseas markets
Eligibility Criteria for EMDG
The EMDG is available to various businesses aiming to increase their export sales. Eligible activities include overseas trade shows, marketing visits, and certain costs associated with marketing consultants. Learning these criteria is the first step towards using the grant’s full potential.
Types of Grants Offered by the EMDG Scheme
The Export Market Development Grants (EMDG) offers three tiers of grants to support businesses at various stages of their export journey.
Here’s a breakdown of each tier:
Tier 1: New to Export
This tier is for businesses that are new to exporting. It supports eligible SME exporters who have yet to export their products and have the appropriate international marketing skills.
Tier 2: Exporting and Expanding
It targets businesses currently exporting and wishing to expand their export activities. This tier supports the growth of export promotion activities for eligible products.
Tier 3: Exporting, Expanding, and Strategic Shift
This tier is designed for businesses that export and want to expand while also making strategic shifts in their business model. This includes targeting new export markets or significantly changing their product range to better suit new or existing markets.
How to Apply for Export Market Development Grants?
After confirming your eligibility for the grant, you can follow the steps below to apply:
Application Process Overview
Applying for the Export Market Development Grants (EMDG) allows you to enhance your business’s growth. However, it requires careful planning and compliance with set steps and deadlines. Here is a step-by-step guide to to apply for the grant:
- Registration: Start by registering your business with Austrade to apply for the EMDG.
- Gather Documentation:Collect all necessary documentation, including proof of export marketing activities and financial expenditures.
- Submission: Submit your application through the official Austrade portal before the end of the financial year deadline.
- Wait for Assessment: After submission, Austrade will assess your application.
- Receive Funding: You will receive funds to cover eligible export promotion expenses if approved.
Necessary Documentation and Preparation
Successful EMDG applications depend on thorough and complete documentation. At RGS, we will assist you in preparing and organising these documents to simplify the application process.
- Financial Reports:It includes detailed accounts of all expenses related to export promotion.
- Marketing Evidence:It includes proof of marketing activities, such as contracts, receipts, and promotional material.
- Strategy Documents: The documents mainly consist of plans and reports that outline the strategy and results of export marketing activities.
Maximising Your Grant Potential with Revenue Growth Services
You can maximise your grant potential by adopting these tips and strategies:
Strategic Planning for Export Marketing
Effective strategic planning is important for securing total funding through the EMDG. You must evaluate the outcomes of these strategies and make necessary adjustments based on feedback from export markets to improve future steps.
At Revenue Growth Services, we guide businesses in developing marketing strategies to meet the grant’s specific criteria. By aligning marketing activities with grant requirements, we also ensure that you meet Austrade’s expectations and, thus, their funding potential.
Utilising EMDG to Expand to New Markets
We have helped many clients successfully receive EMDG grants to enter and expand into international markets. We support this expansion by conducting complete market research to identify new and viable markets.
Our strategic implementation focuses on market penetration and effective use of the grant. This targeted approach allows our clients to enter new markets and establish a strong presence, improving their global footprint and competitiveness.
Monitoring and Reporting for Compliance
Ensuring compliance with EMDG requirements is necessary for continued funding. We help businesses maintain detailed and accurate records of all grant-related activities. Additionally, we assist in preparing regular reports required by Austrade, ensuring our clients meet all necessary compliance standards.
Our meticulous approach to documentation and reporting helps prevent potential issues with grant authorities and secures the financial benefits our clients rely on.
Planning for Long-Term Export Success
EMDG provides financial assistance to eligible Australian businesses to cover costs associated with marketing and promotional activities aimed at overseas markets. This boost from the EMDG for sustained growth is a key focus for RGS. We provide long-term strategy development, drafting plans that build on initial successes for continued expansion.
Our ongoing support and advice will help you adapt the strategies based on market changes and results, providing long-term success. This continuous engagement and strategic oversight facilitate market growth and the development of strong, resilient export practices. At Revenue Growth Service, we aim to ensure quick gains and sustainable, long-term success in the global marketplace.