Our “Grant of the Week” is not a grant, but it is nevertheless a useful source of potential funding to lift your business off the ground!
Part of the Advance Queensland business agenda, the Queensland government has set up a $40 million Business Develop Fund to help co-finance new and promising local businesses.
In the government’s words, “The Business Development Fund focuses on the growth of innovative Queensland businesses, particularly in the emerging industries of tomorrow. It will create high value, knowledge-based and skilled jobs now and into the future. Through providing early stage co-investment funding, the Business Development Fund promotes angel and venture capital investment in Queensland-based businesses. This helps to facilitate the development of a sustainable private market for venture capital finance in Queensland.”
It is the private sector co-investor, and not the owner or an employee of the business, who applies to the government under this program, and if the application is successful the government becomes a fellow co-investor in the business. But if your business does not yet have a private co-investor, fear not – you might be eligible to participate in the Mentoring For Growth program, which gives you access to qualified business mentors who might be able to assist with finding funding and many other aspects of growing your business.
The Fund will provide co-funding of between $125,000 and $2.5 million in the business, not exceeding the private sector co-investor’s contribution. It is an investment in the business, not a grant or a loan.
The government’s investment is focussed on businesses commercialising research, or an innovative idea, product or service. To that end, the Fund will not invest in property development, construction, or finance and investment activities.
The Business Development Fund is expected to run for four years and you can apply any time.
At the ASA we can help you through the whole process, from checking your eligibility to writing your application, so get in touch with us!