Export Market Development Grant to receive $60m boost
In good news for our clients who export Australian products and services, the Australian Government this week announced in its budget speech, that the EMDG program would be given increased funding for at least the next three years, to the tune of $20m per year.
The program has been very popular among SMEs because it provides up to 50% of funds spent on a wide range of aspects of exploring overseas markets, including flights, accommodation, samples, overseas representatives, bringing overseas buyers to Australia, and most importantly, costs of applying for patents, trade marks and designs overseas. Applicants can claim up to $150 000 each year for up to eight years.
The decision to boost the budget of the program is curious because last year, the budget for EMDG was $137.9m but only $131.6m was spent. 3706 businesses applied for a grant last year, for an average grant of $34 806. 1119 businesses claimed for the first time. It may be that there are even more Australian businesses unaware of how the program may assist, and therefore please get in touch with us to discuss your eligibility.