Business Growth Fund Program

Business Growth Fund

Overview

The Business Growth Fund Program is a strategic initiative crafted to provide valuable support to businesses aiming for expansion and innovation. This program, spearheaded by the Queensland Government, offers grants of up to $75,000 to eligible businesses. Designed with the overarching goal of fostering economic growth, the program serves as a catalyst for businesses across various sectors.

 

Background

Through the Business Growth Fund Program, businesses can access financial assistance to fuel their growth aspirations. The grants are instrumental in supporting projects that contribute to research and development, technological innovation, and the overall sustainability of the business. This program is not merely a financial lifeline; it symbolises a commitment to propelling businesses towards success while simultaneously driving economic progress within Queensland.

By participating in the Business Growth Fund Program, eligible businesses gain a unique opportunity to navigate the challenges of expansion, ultimately positioning themselves for long-term success. The program’s focus on providing targeted support aligns with its mission to create a conducive environment for businesses to thrive, thereby contributing significantly to the economic vibrancy of Queensland. In essence, the Business Growth Fund Program is more than just a financial incentive; it’s a strategic investment in the prosperity and sustainability of Queensland’s business landscape.

 

Objectives

Funded businesses are expected to:

  • increase confidence for growth, transitioning from small to medium-sized
  • increase productivity, turnover, profit and/or employment by 20%
  • improve confidence to automate, scale up, increase market share, diversify and/or exploit exporting opportunities.

 

Funding

You may be eligible for funding of up to $75,000 (excluding GST), and not less than $50,000 (excluding GST). Funding is paid in 3 parts:

  • 20% on approval of your application
  • 40% on completion and assessment of your 3-month report
  • 40% on acquittal and assessment at project completion.

Successful applicants must co-contribute at least 40% of project costs.

 

Eligible Activities

The Business Growth Fund Program 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.

Specialised equipment is considered an independent or additional piece of complex machinery that will have a direct impact on the operations of the business to increase, automate or enhance productivity and presents a significant investment to the business. The impact of the equipment unique to the growth of the business and local economy will be taken into consideration.

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
  • advanced logistics systems and equipment.

 

Eligible Applicants

You must be an established, financially sound, small to medium-sized Queensland business with the potential for high-growth within the next 2 years.

High-growth is defined as an average annualised 20% increase in turnover, and/or employment in the last 2 years.

To be eligible for this grant, your business must have:

  • a minimum of 5 and maximum of 49 employees (by headcount) at the time of applying for the grant
  • an active Australian Business Number (ABN) and be registered for GST
  • Queensland headquarters
  • a minimum trading history of 5 years at the time of applying for the grant
  • a minimum turnover of $500,000 for the last financial year
  • competitive opportunities in domestic or international markets
  • experienced 2 years of high-growth and have clearly defined high-growth and employment opportunities in Queensland
  • not been approved for funding under an earlier round of the Business Growth Fund
  • not be insolvent or have owners/directors that are an undischarged bankrupt.

Your business must also maintain this eligibility for the duration of the grant funded activity.

 

Timing

Applications close19 July 2023.

 

More Information

Latest News

The Queensland Government has unveiled a substantial boost for small businesses through the Business Growth Fund Program, offering up to $75,000 in funding. Aimed at accelerating growth, increasing production, and expanding workforces, 28 businesses across the state, from the Gold Coast to Cairns, will share in $1.9 million. The initiative is expected to instill confidence for growth, enhance diversification, and potentially lead to increased productivity and profits, facilitating the transition of these businesses from small to medium-sized enterprises.

GeoDrill Australia, a family-owned business specializing in mineral and coal exploration, stands out among the recipients. Securing a $75,000 grant, the company plans to upgrade the depth capacity of its drilling rigs, ensuring competitiveness with interstate rivals. This move aligns with the overarching “Big Plans for Small Business” strategy, reflecting the government’s commitment to supporting small enterprises as vital contributors to the Queensland economy.

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