A grant is offering a total of $250,000 as financial support for SMEs throughout Australia impacted by the COVID-19 pandemic. The Business Recovery Grant, offered by Vero since 2020, means eligible businesses can apply for one-off grants that amount from $5000 to $20,000 to be used by SMEs for recovery strategies such as advertising, purchase of equipment, business consulting or promotional printing.
Anthony Pagano, Vero Head of Commercial Intermediaries said that the insurer was proud to be able to support SMEs as they challenged their way through one of the toughest times to run a business.
“Our Vero Business Recovery Grants were a way for us to empower and support our brokers and clients in navigating their way out of COVID, reconnecting with their clients and returning to profitability,” Pagano said. “The goal of the grants was simply to help Australian SME’s doing it tough and provide them with the kickstart needed to help their business bounce back. To witness first-hand how Vero’s grants have supported businesses across the country to develop new products, pivot in a fresh new direction and engage new target markets is truly a remarkable feeling.”
Businesses across the spectrum of the economy have benefited from the grants, using them to overcome significant challenges. Impression Technology, a manufacture industrial textile printer from Frenchs Forest, experienced a 70 per cent reduction in sales due to COVID, but was able to invest in developing new products thanks to the grant they received. 1-World Charity Shops were forced to delay the opening of a new Queensland store due to the costs of wages and rent. However, a $10,000 enabled them to complete the new store and advertise it, resulting in record takings for the business on opening day. And chocolate manufacturer Praline Holdings in NSW used a $20,000 grant to offest an 83 per cent drop in revenue and instal a new production line suited for the COVID-normal economy.
“We know the over two million SMEs across Australia are the heartbeat of the economy, so [we] remain committed to backing this segment,” Pagano added. “It has been great to see our team develop a creative range of broker engagements in COVID-safe conditions. Utilising local small businesses across Australia as we maintain our level of interactions with brokers.
“We’re looking forward to continuing to work with and support our brokers, clients, and the communities they operate in as we continue to work through the ongoing challenges presented by COVID which is still active today,” Pagano concluded.