Queensland Government – Business Growth Fund Program

Application Date: 1 August 2019 to 16 September 2019

Region: Queensland wide

Amount: Up to $50,000

Details:

The Business Growth Fund Program is a grant program which provides targeted assistance for small and medium businesses that demonstrate high-growth and employment aspirations.

The fund will enable successful applicants to purchase and implement specialised equipment or services to help them seize growth opportunities.

Available funding

Funding of up to $50,000 (excluding GST) may be provided for eligible businesses to purchase and implement highly specialised equipment or services, and enable them to move to the next stage of growth.

Successful applicants must provide a co-contribution of between 25% and 50% of the total project cost. The government contribution will be determined by an assessment panel.

Examples of eligible highly specialised equipment includes (but not limited to) the following:

  • production equipment to meet otherwise unachievable growth demand
  • advanced manufacturing or digital equipment and systems
  • advanced logistics systems and equipment.

Previously the Business Growth Fund considered specialised services in proposals. By exception, we will consider proposals where the business will:

  • engage business consultants or advisors to provide advice (e.g. on business structures and governance, systems improvement, export and commercial negotiations)
  • intellectual property (IP) advice
  • engage an advisory board.

If you wish to apply with a proposed component of specialised services, please seek prior approval by phoning 13 QGOV (13 74 68), or emailing [email protected].

Your proposal must have a direct link to increasing employment or contributing to your business’ growth strategy. If your application is successful, a single up-front grant payment will be made directly to the business.

Eligibility criteria

To be eligible for this grant, the business must:

  • have a minimum trading history of 3 years at the time of application
  • have a minimum turnover of $500,000 for the last financial year
  • have fewer than 50 employees at the time of applying for the grant
  • have an Australian Business Number (ABN) and be registered for GST
  • have Queensland headquarters
  • have competitive opportunities in domestic or international markets
  • be experiencing growth and have clearly defined high-growth and employment opportunities in Queensland
  • not be insolvent or have owners/directors that are an undischarged bankrupt.

Your business must have the potential for high-growth within the next 2 years. High-growth is generally considered to be a 20% increase in turnover or employment.

For more information: https://www.business.qld.gov.au/starting-business/advice-support/grants/growth-fund