Up to $50,000 is available from Business Growth Fund to assist SMEs in purchasing equipment or services to help them seize a growth opportunity.
Business Growth Fund
The Business Growth Fund Program, delivered by the Office of Small Business, is a grant program which provides targeted assistance for small and medium businesses that demonstrate high-growth and employment aspirations to enable them to purchase specialised equipment or services to help them seize a growth opportunity.
The objectives of the program are to:
- help small businesses grow and transition from small to medium sized
- support small and medium businesses to accelerate employment generating activities and investments
- improve capability and resilience of small and medium size business
- improve business sustainability and increase the ability to plan, manage and respond effectively to growth
- improve business innovation and competitiveness in domestic and international markets.
Funding of up to $50,000 (excluding GST) is available for eligible businesses to purchase and implement highly specialised equipment or services. These purchases should enable businesses to move to the next stage of growth.
Successful applicants must provide a co-contribution of 25% to 50% of the total project cost. The government contribution will be determined by an assessment panel.
Examples of eligible highly specialised equipment or services include (but are not limited to):
- Production equipment to meet otherwise unachievable growth demand
- Advanced digital equipment and systems (e.g. 3D printers, scientific equipment or medical devices)
- Advanced logistics systems and equipment
- Engage business mentors, coaches, consultants or advisors to provide advice (e.g. on business structures and governance, systems improvement, export and commercial negotiations)
- Intellectual property (IP) advice
- Feasibility studies
- Engage an advisory board
The equipment or service 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.
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.
The applying business must have:
- a business plan in place
- the capacity to access finance to fund the growth of their business
- clearly defined an opportunity and developed a plan for growth
- demonstrated how the funding will assist the business to achieve these goals.
Only 1 application will be accepted from an individual ABN or a financial beneficiary of a business for consideration at any one time.
Successful applicants cannot reapply for funding under this program.
Applications open on an ongoing basis.