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.
Funding of up to $50,000 (excluding GST) may be provided for eligible businesses to purchase and implement highly specialised equipment or services, and enable them to move to the next stage of growth.
Successful applicants must provide a co-contribution of between 25% and 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 not limited to) the following equipment and services.
– 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 consultants or advisors to provide advice (e.g. on business structures and governance, systems improvement, export and commercial negotiations)
– Intellectual property (IP) advice
– 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.