Thinking of competing with Ferragamo in Florence? Or DKNY in NY? Then make sure you apply for the government’s Export Market Development Grant (EMDG) to get cash to sell your stash overseas.
What is EMDG?
A government grant administered by Austrade, the EMDG aims to encourage the export of Australian business. Open to a wide range of industries, the grant will reimburse up to 50% of your eligible promotion expenses, such as travel, consultant fees, advertising, registering intellectual property, participating in trade fairs and the supply of samples.
The EMDG scheme will provide up to 8 grants to each successful applicant. You are eligible to apply for the EMDG if you have, in relation to an ‘eligible product’:
- received income of no more than $50 million in the grant year;
- incurred at least $15,000 of eligible promotional expenses; and
- principal status for the export business.
The definition of an ‘eligible product’ is broad, and includes a product made in Australia; a product made overseas but Australia will derive a significant benefit from its sale overseas; intellectual property that mainly resulted from work done in Australia (such as designs); and a trade mark that was owned or first used in Australia (such as your brand name).
Get your financial statements ready as applications for the 2015-2016 grant year open on 1 July 2016 and must be submitted online through the Austrade website. Be on time, as late applications won’t be accepted. And fashion waits for no-one.