A Guide To The Business Growth Fund Program
Would a grant of $50, 000 be a game changer for your brand or business? Then it's important to check your eligibility for the Business Growth Fund Program.
In Australia, both the local, state and federal government offer a wide variety of funding programs and grants, often purposefully designed to provide support, and to fundamentally help both new and existing businesses grow and succeed in the long term. If approved, government grants can often be pivotal in helping brands through activities related to expansion, commercialisation, research and development, innovation and exporting.
In Queensland, applications for the Business Growth Fund Program officially opened on Tuesday 11 May - so what’s involved, are you eligible, and how do you apply?
Navigating The Business Growth Fund Program
The Business Growth Fund (BGF) has been designed to target high-growth businesses who are capable of accelerating growth, driving Queensland's economy and ultimately employing more Queenslanders.
For small and medium sized brands and businesses experiencing high-growth, the program will provide funding to buy specialised equipment to unlock growth potential, increase production, expand your workforce and maximise economic returns.
The program is administered by the Department of Employment, Small Business and Training, and businesses that receive funding are expected to:
Increase confidence for growth, transitioning from small to medium-sized
Increase productivity, turnover, profit and employment by 20%
Improve confidence to automate, scale up, increase market share, diversify and/or exploit exporting opportunities
How The Funding Can Be Used
As a business, if you meet the selection criteria, you may be eligible for a single up-front payment up to $50, 000 (excluding GST).
Funding must be used to buy specialised equipment to meet business growth. The equipment must have a direct link to increasing employment and maximising economic returns. You must also fund at least 25% of project costs to buy and implement the specialised equipment.
Examples of eligible highly-specialised equipment can 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
To qualify for the Business Growth Fund Program, you must be an established small to medium-sized Queensland business who is both financially sound, and have high growth potential within the next two years. High growth potential is defined as a proven 20% increase in productivity, turnover, profit and/or employment within the last twelve months.
In addition to the above, qualifying businesses must also:
A business plan in place
Capacity to access finance to fund the growth of your business
A clearly defined opportunity and plan for growth
Demonstrated how the project (i.e. implementation of specialised equipment) will help your business to achieve these goals
Have a minimum trading history of three 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 business headquarters based in Queensland
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
To view further conditions or to apply for the Business Growth Fund Program, please refer to the Business Queensland website or speak to a member of the Muro team for advice.