Prime Minister of Tasmania – Helping small businesses access financial advice and guidance

June 9, 2022

Madeleine Ogilvie, Minister for Small Business

The successful COVID-19 Small Business Advice and Financial Guidance Program has supported 375 small businesses with funding totaling more than $550,000, with the second round set to open in July.

We recognize the impact the pandemic has had on small businesses in Tasmania and their need for access to specialist financial and business advice to help them recover, transition, grow or implement new strategies.

Many businesses continue to struggle with cash flow, due to a lack of working capital, or need help diversifying or changing their business operations.

To support these small businesses, $2.2 million has been allocated to maximize the possibility of continued support and give businesses the ability to access specialist advice to help them in these circumstances through the COVID-19 Small program. Business Advice and Financial Guidance.

Grants ranging from $750 to $1,500 are available to obtain financial or business counseling services from a suitably qualified specialist/consultant to assist with advice, support, guidance and the development of strategies to resolve financial and/or operational difficulties.

Funds may also be used to develop risk management strategies, business plans and governance frameworks, as well as to undertake other analytical and strategic activities.

The five main topics for which companies access this funding are:
*Advice, support, guidance and development of strategies to resolve the financial/operational difficulties you are currently experiencing;
*Advice and analysis on cash management, preparation of budgets and cash projections;
*Profitability Analysis ;
*Advice on pivoting, diversifying, product innovation, marketing or online presence; and
*Strategic analysis.
The first cycle of the program ended on May 30 and is currently being reviewed to ensure currency and provide the best support available to the small business sector.

There is no greater supporter of Tasmania’s 39,000 small businesses than the Liberal Government of Tasmania, as we recognize that the small business sector is essential to growing our economy and creating jobs.

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