H&R Block is looking to extend its Grants for Growth initiative for the second year, as it aims to help small businesses and start-ups with professional advice and a cash boost.
The grant is a competition open to small businesses that have fewer than 20 employees and sole traders, with 12 winners set to receive $5,000 in cash and a further $5,000 worth of accounting and bookkeeping services from H&R Block.
“Having a great idea is just the start of the journey for a budding investor. The hardest part of the journey is finding finance to turn that idea into a viable small business, and that is where Grants for Growth can really help entrepreneurs turn their vision into reality,” said H&R Block director of tax communication Mark Chapman.
“Getting seed investment for a new business is harder than ever. Bank lending can be hard to get for a new business with no track record, and even if you can get it, the funding costs can be considerable.
“Providing a prize that is a mixture of cash and professional services is a great combination for small businesses. The cash obviously helps the business to grow, but giving professional services is a great way for businesses to get advice that can really boost their business.
“Whether it’s advice about how best to structure your business, planning for tax-effective growth or simply making sure that all those key tax deadlines that so many small businesses miss are fully complied with, H&R Block can provide the support that all new and growing businesses need.”
Research commissioned by the accounting network also found that the biggest struggles for small businesses across Australia are “cash flow” (35 per cent) and “marketing effectiveness” (30 per cent), followed by “lack of support” (19 per cent) and “hiring the right people” (18 per cent).