Good news from the Queensland Government for small and medium sized businesses, which are at least 3 years old, have a minimum turnover of $500,000, employ fewer than 50 people, and are going through an expansion process – the new Business Growth Fund Program can help you purchase and implement specialised equipment or services to help you grow to that next stage.
This competitive grant program expands on and replaces the previous Accelerate Small Business Grants initiative, whose last round of applications will close on 28 March 2018. Under the Accelerate grants, matching funding of up to $10,000 was available to successful applicants to purchase and implement specialised equipment or services to help them expand their business.
Under the Business Growth Fund Program, that available sum increases to $50,000, with successful applicants having to contribute between 25 and 50 per cent of the total cost of their proposal.
The examples of equipment and services eligible under the grant include:
Equipment
- 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
Services
- Engage business mentors, coaches, consultants or advisors to provide advice (e.g. on business structures and governance, systems improvement, export and commercial negotiations)
- Intellectual property (IP) advice
- Feasibility studies
- Engage an advisory board
So, if you are a small or medium sized Queensland business and have a solid plan to expand in terms of jobs, productivity, innovation, new markets or turnover, this business support grant could help you achieve your dream faster.
Applications open on 28 March 2018.
If you need more information about the Business Growth Fund Program or want us to assist you with the application, please get in touch – we’re happy to help!