NSW SMEs flock to grants at $10m per day

NSW SMEs flock to grants at $10m per day

Fast cash grants worth $10,000 each have seen a rapid take-up in NSW with more than 15,000 applications received by the State Government in 10 days since the program opened.

The NSW Government has already approved more than $100 million in Small Business Support Fund grants out of a budgeted $750 million.

Approvals have been made for 10,000 applications with the money already hitting some bank accounts.

State Treasurer Dominic Perrottet (pictured) says it is vital small businesses severely impacted by Covid-19 shutdowns can access the grants quickly.

"We wanted to provide rapid relief, and that's certainly happening right now for thousands of struggling businesses in our communities," he says.

"Money is starting to flow in to bank accounts, often within a handful of days of application, and that's relieving pressure with ongoing bills and cash flow, to keep businesses in business and people in jobs.

"Every business we help save means more people in jobs leading to a faster recovery."


NSW Government announces $10,000 fast relief for small businesses


So far, cafes, bars and restaurants account for the most applications (22 per cent), followed by personal services like beauticians and hairdressers (18 per cent), store-based retailing (8 per cent) and sport and recreation businesses (6 per cent).

Minister for Customer Service Victor Dominello said Service NSW was working around the clock to support businesses.

"We're putting business and workers first by simplifying the application process. The response has been overwhelming, with 99 per cent giving it the thumbs up," says Dominello.

"This is another example of Service NSW using a digital platform to make life easier for customers. Applying for a grant is simple and easy, with money transferred within days."

Finance and Small Business Minister Damien Tudehope describes small business as the heart and soul of the NSW economy, noting the grants will help save thousands of jobs.

"Every business we help save means more jobs and a faster recovery on the other side of this," he says.

"We're supporting small business owners through this difficult time, with the grants helping to bridge the gap between the Commonwealth Government's support measures such as JobKeeper.

"By alleviating some of the pressures on these businesses, we know we can help them reopen their doors as soon as possible and get people back into work."

Updated at 10:31am AEST on 24 April 2020.

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