The Business Growth Fund targets high-growth businesses who can accelerate growth, drive Queensland’s economy, and employ more Queenslanders. They are providing funding to assist small and medium-sized businesses high growth to purchase specialised equipment to assist the businesses to grow by increasing production, expanding workforce, and maximising economic returns.

The businesses 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.

The funding available is a single up-front fixed payment of $75,000 excluding GST, and not less than $50,000.However, the business must also fund at least 40% of project costs to buy and implement the specialised equipment. Examples of the eligible specialised equipment include:

• Production equipment to meet otherwise unachievable growth demand
• Advanced manufacturing or digital equipment and systems, or
• Advanced logistics systems and equipment

To be eligible for this grant your business must have the following:

• Trading history of at least 3 years;
• A turnover of $500,000 for the last financial year (2022/23 financial year);
• Minimum of 5 employees and maximum of 49 employees at the time of applying for the grant;
• Australian Business Number (ABN) and be registered for GST;
• Have not previously been approved for funding an earlier round of Business Growth Fund.
• Queensland headquarters;
• Have competitive opportunities in domestic or international markets;
• Be experiencing high-growth and expanding employment opportunities in Queensland;
• Not be insolvent;

The application process will include the following:

Stage 1: Complete an Expression of Interest (EOI) application for competitive assessment including the following:

• Confirm the business meets the eligibility criteria of the grant program.
• Core business and contact information
• Summary of the project, how the equipment is innovating and is highly specialised.
• A description of the high-growth opportunity achievable through implementation of your project; and
• Confirm your financial contribution.

Stage 2: If the EOI application is approved to progress to the next stage, applicants will receive a link inviting them to complete a Full Application for competitive shortlisting. The full application, applicants will be asked to provide the following:

• Update (if required) of the core business and contact information
• Detail on whether you will need to secure other financial support to fund your co-contribution, and
• Provide details of your growth over the last two years.
• Provide a letter from a registered accounting, declaring the turnover and employee headcount.
• Simple balance sheet for the 2021/22 and 2022/23 financial years
• Simple profit and loss statement for the 2021/22 and 2022/23 financial years
• A quote/s (not more than 3) or proposals that provide comprehensive details of the specialised equipment that you will be purchasing as part of the project.

Stage 3: The Full Applications are shortlisted, and applicants are invited to pitch to business experts and DESBT executives.

The expression of interest close date is 5pm on 14 May 2024. This stage may be in high demand and can close at any time, so if you are interested in applying for this grant please have your documentation ready prior to the opening date.

If you would like further information in relation to the above grant funding program or would like assistance with the application, please contact Naomi Green on 07 4688 8400.