Business Growth Fund Program - Queensland

Description

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

Before applying, please read the Business Growth Fund Application Guidelines.

Available Funding

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.

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

Examples of eligible highly specialised equipment or services include (but are not limited to) the following equipment and services:

Equipment:

  • 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

Services:

  • Engage business mentors/coaches/consultants/advisors to provide advice on matters such as 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 the business??? growth strategy. If your application is successful a single upfront grant payment will be made directly to the business.

Service type

Support Service

A service offered by government to aid in running a business.

Eligibility requirements

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 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 the program.

Before applying, refer to the:

Ongoing eligibility requirements

Reporting requirements

Throughout the project, successful applicants will be required to complete several online forms to detail their progress, including:

  • 3 month progress report

  • final acquittal report on completion of the project

The final acquittal report should detail the assets or services received, project implementation and the impact on the business, including the results and outcomes achieved.

Businesses will be surveyed 6 months after completion of the project.

Commencement

Applications are now open.

Before applying, refer to the:

Additional information

Who should apply
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

How you will be assessed

Applications will need to meet both the eligibility criteria and demonstrate merit against the assessment criteria including:
  • the extent to which the project will support the business to reach its high-growth goals
  • potential and likelihood the activity will create jobs growth
  • value for money

Application Process

  • All applications are checked for eligibility
  • Eligible applications are considered by the Stage 1 shortlisting panel
  • All applicants will be notified about their eligibility and Stage 1 shortlisting panel outcome
  • Successful applicants will be invited to pitch to the Stage 2 assessment panel

Pitching to the panel

Pitching to the panel is a critical stage in the application process and provides an opportunity to draw out the merits of the proposal, and for panel members to ask relevant questions. If an invitation to pitch is made, applicants are strongly encouraged to provide a strategiv overview of their business plan and any other material to support the application.

Where appropriate, teleconferencing and videoconferencing will be used if applicants (or representatives) are unable to attend in person.

Administering agency

Department of Employment, Small Business and Training

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Department of Employment, Small Business and Training

Email: grants@dtesb.qld.gov.au