New South Wales government funding of $78,932 to Sydney eCommerce Business

Everyone here at the fundraising company cheers whenever a new firm that is just getting off the ground is awarded funding support from the government or money from any source, private or public.

This week, a local Sydney company startup—specifically, an e-commerce startup—was able to successfully secure funding from the state of New South Wales in the amount of $78,932.

The money came from three different funding bodies, and it was distributed as follows: a grant in the amount of $17,900 and a government-backed low-interest loan in the amount of $61,032.

Mark, a co-owner of this eCommerce startup business, became a member of a fundraising company for the very first time in July of 2016. This accomplishment makes the fundraising company very proud.

We asked Mark a few questions in order to provide you with a better understanding of his accomplishments, his journey up to this point, and his goals for the future in relation to the financing amount of $78,932.

Why did Mark join a fundraising company?

There is a plethora of support material for those operating their own small businesses. Although the government provides some, and there are numerous resource centers available to business owners, I really got the impression that the services provided by the fundraising company were what I consider to be an all-inclusive package deal. I'm very excellent at anything I put my mind to, and obviously I'm pretty good online, so having a service like this that I could do on my own time and from home was probably the deciding factor in my decision to sign up for it. I just can't picture myself sitting in a classroom or trying to figure out all of this information step by step. Neither of those things appeals to me. I wanted the whole thing as soon as possible.

Business tools being used by startup

Without a doubt, the tool of the business strategy. I was aware that in order to apply for funding, I would need a business plan, and the business plan was one of the primary reasons why I wanted to become a member. As soon as I started working on it, I became aware that the service offered also includes a financing database, which contains the programmers that I am actually looking for. So in a way, I managed to kill two birds with one stone.

How does a startup in Australia apply for funding?

There was a great deal of useful information that helped me figure out what exactly to apply for, how much to apply for, and what I needed to cover initially before I submitted my application. I believe that was the single most helpful thing for me. After finishing my business plan, I was able to determine exactly what I needed the money for, and from that point on, the financing database was easy to use and I was able to locate funds without any trouble.

Why does a startup like that of Mark need funding & type of funding he obtained?

In order for us to maintain a handle on our stock, it was necessary for us to build a system that allows us to compare the products that we sell through our eCommerce website with those that are the best sellers on other websites such as Amazon and eBay. This was a problem with hiring, but we did not have the funds to address it. Consequently, in order to meet the costs of employment. The other expenditure that we really wanted to have some assistance with was marketing and advertising to get our name out there. This is because it is rather expensive to do so, and the fact that there is currently nothing going on makes it difficult. I believe this to be the reason for the loan as opposed to a grant that is not repaid.

A hiring grant in the amount of $17,900 was awarded to us; however, it is deemed a partial contribution grant, which indicates that it does not pay everything. We were awarded this money. Therefore, when we hire a developer to work in-house, we are still responsible for paying the developer's wage (for the other half, or percentage of pay). Concerning the loan, it was made available to the borrower by way of a bank; nevertheless, it was guaranteed by the government and carried an exceptionally low interest rate. Instead of having to worry about paying it back with enormous interest rates like we would if we went directly to the bank, we are able to concentrate on our expenses and make sure that we are successful thanks to the fantastic rate.

Startups should never leave the hope

Try not to give up. If you have an idea, you should immediately implement it. Draft out a plan for your firm, take it to potential investors or government bodies, and do what it takes to acquire what you want. Make it a point to sign up for a fundraising company. Without them, I seriously doubt that we would have been able to accomplish this. Certainly not in the amount of time that we had available.