The biggest issue facing most providers is being under significant financial pressure and not having the income or capital to sustainably improve their situation.
Investing large amounts in much-needed building and systems upgrades appears out of reach.
The BIF: financial support for small to medium providers
The Federal Government’s Business Improvement Fund (BIF) is aimed at improving provider governance and operations to ensure service continuity and longer-term sustainability through undertaking business improvement activities.
The first BIF grants committed over $80m to providers across 2020/21 and the second round of funding has just opened.
Priority will be given to providers located in regional, rural and remote locations and to those that are facing financial decline which may impact on care to residents.
“The application process is quite straight forward but there are definitely some tip and tricks to saving time and improving your chances of success,” says Andrew Farmer, Managing Partner of Mirus Australia.
“With all the challenges facing clients today, it is difficult to find the capacity to understand the process and put together a quality application, especially for smaller providers”.
The Mirus Grant Process Map
Across 50+ grant applications, Mirus has developed a process map to help clients understand what is required at every step, who is involved and what documentation is needed at each level of the application.
“It is definitely easier to get some help to put together a strong application, especially from someone who has helped many other providers with applications. We were very happy to be successful and receive our funding and we have now almost completed the implementation and investment of the funds.”
Mirus gives its Top 3 Tips for success with your grant application:
- Get into the Business Advisory Service (BAS) process with PwC as soon as possible. This is a free service and is a prerequisite to applying for funding.
- Understand what you want to spend money on based on your priority list, the PwC BAS report and your allowable budget
- Assemble the optimum grant application, focusing on how the funds will improve your financial position
Be Nguyen, CEO of Greenhills/Hillside Aged Care and COO of Tulich Group said: “Mirus supported us with the Applications and also supported us with program management and compliance with the government requirements across the implementation.”
Every day aged care operators concentrate on what they deliver best – quality care. Let Mirus concentrate on what Mirus does best: develop and present your grant submission at its optimum.
It is what you want; it is what the Government wants.
Let Mirus help you with your grant application. Lodge your interest HERE.