Opportunity to use Government funding to take your business to the next level
If you need additional funding to grow and develop their business, the Queensland Government have recently announced and opened applications for Round 1 of the Business Growth Fund Program.
The program provides targeted grant assistance for Queensland small and medium businesses that demonstrate high growth and employment aspirations.
How much can you apply for?
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.
A co-contribution from the applicant of between 25 percent and 50 percent of the total project cost must be provided.
Who is eligible for the grant?
To be eligible for this grant, your business must:
- have a trading history of a minimum of three years at the time of applying for the grant
- 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.
Your business will also need to 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.
What can grant funding be used for?
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 such as 3D printers, scientific equipment or medical devices
- advanced logistics systems and equipment.
- 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.
Further information and to apply
For further information on the program including application guidelines, and to apply for a grant, please click here.
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