Up to $50,000 is available from Business Growth Fund Program to help SMEs in purchasing and implementation of highly specialised equipment or services.
Business Growth Fund Program
The Business Growth Fund Program provides targeted assistance for small and medium businesses on a growth trajectory to help them purchase specialised equipment or services which enables them to seize a growth opportunity.
The Business Growth Fund Program aims to help businesses:
- transition from small to medium sized businesses
- increase employment
- introduce product processes or systems innovations
- improve management processes and systems to increase efficiency and productivity
- enter new markets
- increase turnover / sales.
Funding of up to $50,000 (excluding GST) may be provided to eligible businesses to purchase and implement highly specialised equipment or services to enable the business to move to the next stage of growth.
Funding may be used for purchasing specialised equipment and services, including (but not limited to):
- production equipment
- advanced digital equipment such as 3D printers, scientific equipment or medical devices
- advanced logistics systems and equipment
- engage mentors, coaches, consultants or advisors
- intellectual property advice
- feasibility studies
- engage an advisory board
Established small and medium sized Queensland businesses that are financially sound and have the potential for high-growth within the next two years. High-growth is generally considered to be a 20% increase in turnover or employment. The applying business must have a business plan in place, as well as the capacity to access finance to fund the growth of their business.
Applying businesses must have a clearly defined opportunity and plan for growth and demonstrate how the project will assist the business to achieve these goals. It is expected that businesses applying for funding will use the grant to manage and finance their business expansion, including but not limited to:
- increasing employment
- improving management processes and systems to increase productivity and efficiency
- introducing product processes or systems innovations
- entering new markets
- increasing turnover/sales.
To be eligible for this grant, the business must:
- have a trading history of a minimum of three years at the time of applying for the grant
- 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
Only one application will be accepted from an individual ABN or a financial beneficiary of a business for consideration at any one time.
Applications open on an ongoing basis.