The Queensland Government is inviting applications for the Business Growth Fund Program to provide funding for small and medium-sized high-growth businesses to buy specialised equipment, enabling them to unlock growth potential, increase production, expand their workforce, and maximise economic returns to move them to the next stage of growth.
The Business Growth Fund (BGF) targets high-growth businesses who can accelerate growth, drive Queensland’s economy and employ more Queenslanders.
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.
- You may be eligible for funding of up to $75,000 (excluding GST), and not less than $50,000 (excluding GST).
- 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.
- You must be an established and financially sound small to medium-sized Queensland
- business with the potential for high-growth within the next two years.
- High-growth is defined as an average annualised 20% increase in turnover, and/or
- employment in the last two 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.
For more information, visit Business Growth Fund Program.