Your Top Ten TCF questions answered

It’s our business to know the ins and outs of grants available to the fashion business, and how to write a successful application. In twelve years of operation we have fielded plenty of questions, so here are our top ten most frequently asked. We hope it helps make the funding options available to you, a little easier to access.

Q1: How likely am I to get a government grant for my TCF business?

The government is serious about supporting the textiles, clothing and footwear industry in Australia so they have earmarked special funding to help. The TCF Small Business Program aims to transform business enterprise culture and improve innovation. If you can answer yes to a few of the following questions it may be worth your while to follow up and apply.

·      Are you an Australian TCF designer or manufacturer?

·      Are you promoting your products, services or intellectual property to customers from overseas?

·      Do you have over $100,000 in turnover, 12 months in business and less than 20 employees?

·      Are most goods made in Australia?

·      Can you contribute at least 25% of the money required?

·      Do you have ideas that can improve the productivity of your business?

·      Have you NOT received funding from the TCF SIP or BIC schemes?

The government also supports SME businesses that want to export. The question to ask is: Are you marketing or promoting your TCF products, designs or trademark overseas?

Special grants for creative activities are available to fund productivity improvements through business planning, marketing, computer systems, business restructuring and other worthwhile projects that you consider to be important.

Q2: What sort of projects are funded?

In the past the TCF program had funded things like: marketing, enterprise management systems, CAD systems, new equipment and ecommerce systems. In the last round one of our clients received $27,810 for marketing and ecommerce, another received $23,000 to install a computer aided design system. You can check out the other projects funded on the government website. Search on: TCF Grant Recipients.

Q3: How much might I receive and when might we receive the money?

A maximum of $50,000 is available for each particular project. The applicant must make a contribution to the project of no less than 25%. Ausindustry releases TCF grant money in two stages: 80% shortly after the grant is accepted. The balance is paid after the final report is submitted at the end of your project.

Q4: How much will it cost to apply?

There is no application fee.  If you engage a grant consultant they might charge a fixed fee, a minimum amount or may expect to get the work that the grant is funding – like marketing or system installations. Vebiz charge a percentage fee but will only charge if the application is successful.

Q6: Can I do the application myself? 

Yes, but keep in mind that many applicants need support in order to obtain it, simply because a high quality, well targeted, application has a greater probability of success.  Consultants like Vebiz will conduct interviews and process data for you so that your day to day operations can roll on as normal. In the end the choice will be made by your employee skill base and how much time you have up your sleeve.  A little patience is also an advantage.

Q6: How long will the application take?

To do it yourself, expect one employee to spend around a week filling out the application, less if they have had previous experience or a natural talent for handling red tape. If you hire a consultant expect to have two interviews and allow a week for processing. If your books are in order and up to date the process will be speedier.

Q7: Is there a deadline for applications?

Yes. Round 9 of funding will close on 28th  February 2014. There is also a 12 month time limit for using the funding.

Q8: Can I change my application?

No, you cannot change the application after you have submitted it but yes, you can change what you want to do with the money as long as it broadly follows your project objectives.  The supplier can be changed even after you have been given approval.

Q10: How long can I take to do the project? Up to 12 months. If approved the funding starts from the next financial year. Round 9 funds will be available in July 2014.

Q10: Can I apply more than once? Yes – this is possible if the applications are for different purposes and projects. In fact some of our TCF grant recipients have received multiple grants over the last 8 Years.

Two helpful Links:
Grants and Assistance Finder: business.gov.au/Grantfinder/Grantfinder.aspx.
Export Market Development Grant:  www.austrade.gov.au/Assistance

The more information contact:

Vebiz.com.au for an obligation free appraisal

Stuart Smith and Robert Jones are senior Grants consultants for Vebiz Consulting.

Stuart Smith

Stuart specialises in the TCF small business program and the R&D Tax Incentive program. Over a 30-year career, Stuart has worked in management and operational roles for larger companies in insurance, retail, chemicals and agriculture. Stuart holds an honors degree in applied science.

Robert Jones

Robert’s focus is TCF and Export Market Development Grants. Robert qualified as a Chartered Accountant with Arthur Young and has worked for many large CA firms in Australia. Since 1992 he has worked in business consulting, with a focus on funding.