What is the Business Growth Fund Program?
The Business Growth Fund Program is a grant opportunity to help small and medium-sized businesses experiencing high-growth to buy specialised equipment to unlock growth potential, increase production, expand your workforce and maximise economic returns.
The Palaszczuk Government supports small business through a range of initiatives. The Business Growth Fund (BGF) targets high-growth businesses who can accelerate growth, drive the Queensland economy and employ more Queenslanders.
The Business Growth Fund Program administered by the Department of Employment, Small Business and Training (DESBT) provides grant funding for small and medium businesses experiencing high-growth. The grant funding assists the business to buy specialised equipment to unlock growth potential, increase production, expand its workforce and maximise economic returns.
Funded businesses are expected to:
- increase confidence for growth, transitioning from small to medium-sized
- increase productivity, turnover, profit and employment by 20%
- improve confidence to automate, scale up, increase market share, diversify and/or exploit exporting opportunities.
You may be eligible for a single up-front payment up to $50,000 (excluding GST). You must also fund at least 25% of project costs to buy and implement the specialised equipment.
The grant funding must be used to purchase specialised equipment to meet business growth. The equipment must have a direct link to increasing employment and maximising economic returns.
Examples of eligible highly specialised equipment include (but are not limited to):
- production equipment to meet otherwise unachievable growth demand
- advanced manufacturing or digital equipment and systems, or
- advanced logistics systems and equipment
You must be an established small to medium-sized Queensland business who is financially sound and have the potential for high-growth within the next 2 years.
High-growth is defined as a 20% increase in productivity, turnover, profit and/or employment in the last 12 months.
To be eligible for this grant, your 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:
- a business plan in place
- capacity to access finance to fund the growth of your business
- a clearly defined opportunity and plan for growth
- demonstrated how the project (i.e. implementation of specialised equipment) will help your business to achieve these goals.
Applications open on an ongoing basis.
Queensland’s small and medium businesses can now apply for grants of up to $50,000 to help them grow and create jobs, due to $2.5 million allocated for the Business Growth Fund.
“The Business Growth Fund grants are the first in a package of $25 million of new grants unveiled as part of Queensland Small Business Month,” Minister for Employment and Small Business Di Farmer said.
“The package also includes new programs, Business Basics and Business Boost, which will open for applications later this month and next financial year.”
This investment is a response to direct feedback received from the state-wide Small Business Roadshow and an online survey. There will be increased assistance with the application process for small business owners, as well as greater lead in time after the release of criteria for each grant program.
“We know that small businesses across Queensland are at distinctly different stages and that’s why our new support programs reflect this and will deliver additional funding, to ensure more businesses bounce back better [from the COVID-19 pandemic],” Farmer said.
Applicants for the Business Growth Fund will also receive a mentoring session to better explore their business proposition and how to proceed with it.
“The Business Growth Fund aims to help evolving small and medium sized businesses to buy highly specialised equipment to accelerate growth opportunities,” Farmer said.
“We want to make it as easy as possible for more businesses to apply for the $25 million in grants on offer over the next two years. As a result, we have simplified and streamlined application processes for small businesses.”
Applications are open for the Business Growth Fund as of 11 May. Business Basics applications are due to open 31 May and Business Boost in late July.