The SA Micro Finance Fund (SAMFF) is a competitive, merit-based grant program established to help people translate good ideas and business models into new high-value businesses.
The SAMFF aims to make South Australia more globally competitive by enhancing its innovation capabilities through entrepreneurship and supports businesses looking to take new ideas through to production and sales, with the aim of generating export revenue and growth.
The SAMFF offers 2:1 funding of up to $50,000 (i.e. the applicant can receive two dollars of SAMFF funding for every one dollar raised itself).
Eligible activities and expenditure
Eligible expenditure includes:
- development of products, services or processes, including prototype development and technology feasibility testing
- marketing activities
- market research
- filing of provisional patent application or the development of an intellectual property strategy
- other expenditure as approved by the Department of State Development.
To be eligible, applicants must have:
- evidence of matching funding
- a letter from a business leader agreeing to mentor the business, including the intended time frame of mentorship
- turnover of no more than $500,000 per annum (GST exclusive)
- the ability to enter into a legally binding funding agreement with the South Australian Government.
Applications will be continuously assessed throughout the year with outcomes notified within eight weeks of lodgment.
More information and application forms can be found at: http://www.statedevelopment.sa.gov.au/mff