Federal Trade and Tourism Minister Simon Birmingham said the funding boost would provide much needed relief and a timely cash flow injection for those exporters and tourism businesses within the scheme who were doing it tough.
“We recognise the current COVID-19 crisis is placing immense pressure on Australian exporters and tourism businesses,” Minister Birmingham said.
“The EMDG scheme has been a popular vehicle to support the costs associated in reaching new markets… It means businesses within the scheme who have spent their own money to market and grow Australian exports will receive more of that money back, up to 50 per cent of their total eligible marketing expenses.
“This investment addresses the reality that businesses invested in good faith to lift Australia’s exports, but are unlikely to see immediate return on those investments. These entrepreneurial and outward looking businesses will be crucial to our future economic recovery.”
EMDG funding is now at its highest level in more than 20 years, reaching $207.7 million for the 2019-20 financial year.
This support is in addition to other measures announced to help small and medium businesses manage cash flow challenges and retain employees such as increasing the instant asset write-off, cash payments of up to $100 000 and supporting apprentices.
The Export Market Development Grants (EMDG) scheme is a key Government financial assistance program to help aspiring and current exporters grow their business overseas. Last year alone, almost 4000 Small and Medium Enterprises accessed the EMDG scheme, employing almost 70,000 Australians and generating exports worth $3.8 billion.
Further information on the EMDG scheme and how to apply can be found at Austrade.
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