Introducing the Vero Business Recovery Grant Initiative
2020 has been a challenging year, with COVID-19 affecting all businesses differently. As things slowly start to get back to normal, everyone is doing their best to ensure businesses can recover.
That’s why we’ve created the Vero Business Recovery Grant – a way for brokers to help their Vero SME clients dealing with financial hardship, to get back on track.
How it works
We’re giving away 25 grants with a total value of $250,000 (incl GST).
5 x $20,000, 10 x $10,000 and 10 x $5,000 grants, which will be awarded by way of payment of an approved supplier invoice. The successful grant recipients can spend across any of the following four pathways:
- Advertising Spend
Grants to go towards advertising expertise and media spend to help the business reach and engage with customers.
- Promotional Printing
Grants to go towards printing promotional and marketing material related to the business.
- Business Equipment
Grants to go toward buying necessary office equipment and supplies for the business.
- Business Consultancy
Grants to go toward the cost of business consultants to provide advice to help with business recovery.
Who is eligible to apply?
To be eligible for the Vero Business Recovery Grant Initiative, the SME business must satisfy the below criteria at the time of entry:
- must be an Australian business holder (with a valid ABN);
- the business holder must be an Australian resident aged 18 years of age or older;
- the Australian business holder’s business must be covered by one of the following Vero or GIO workers compensation insurance policies purchased through an AFSL insurance broker and must meet the following criteria:
- Vero Business Insurance policy* (SME Packages and Non-Fleet Motor) - Business must have an aggregated annual turnover or asset value of less than $10 million (as shown on the business’ FY19 tax return) and employing up to 20 employees (or up to 100 in the manufacturing sector).
- Vero Corporate Insurance policy* - Business must have an aggregated annual turnover or asset value of less than $10 million (as shown on the business’ FY19 tax return) and employing up to 20 employees (or up to 100 in the manufacturing sector).
- GIO Workers Compensation policy (in ACT, TAS, WA and NT only) - Annual premium for the policy must be under $30,000.
*Including Cluster, Manuscript and/or Specialty wordings.
- the Australian business holder’s business must be:
(i) suffering financial hardship due to COVID-19, and
(ii) eligible for the Australian JobKeeper Payment scheme (per the eligibility set out by the Australian Government i.e. at least a 30% reduction in turnover); and
- must not be a business which is excluded from entering this recovery grant initiative, as set out in the Terms & Conditions.
SME Business holders should contact their insurance broker if they are not clear whether they meet the criteria to be an Eligible Entrant.
Insurance brokers who are unsure if their SME client meets the criteria to be an Eligible Entrant, please contact your local Vero representative.
Click here for the Terms & Conditions.
How to apply
A broker can apply on behalf of their SME client or the client can apply themselves. Simply complete the form below*.
Entries must be submitted before 11:59pm on July 31, 2020.
*Note: there are additional conditions where the broker applies on behalf of SME client. Please refer to the full Terms & Conditions.
Grant evaluation & notification
Vero will evaluate all applications based on the need and ability for the grants awarded to have a positive impact on the business from the perspective of helping the business recover from the impacts of COVID-19.
The successful grant recipients will be notified by phone call and email by August 12, 2020.
Unsuccessful grant recipients will be notified by email using the details provided in their entry by September 10, 2020.