Grants for Small Business Growth

Business Growth Fund Program

The Business Growth Fund Program, delivered by the Office of Small Business, is a grant program which provides targeted assistance for small and medium businesses that demonstrate high-growth and employment aspirations.

The fund will enable successful applicants to purchase and implement specialised equipment or services to help them seize growth opportunities.

Before applying, please read the Business Growth Fund Guidelines.

Available funding

Funding of up to $50,000 (excluding GST) is available for eligible businesses to purchase and implement highly specialised equipment or services. These purchases should enable businesses to move to the next stage of growth.

Successful applicants must provide a co-contribution of 25% to 50% of the total project cost. The government contribution will be determined by an assessment panel.

Examples of eligible highly specialised equipment or services include (but not limited to) the following equipment and services.

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 toprovide advice (e.g. on business structures and governance, systems improvement, export and commercial negotiations)
• Intellectual property (IP) advice
• Feasibility studies
• Engage an advisory board

The equipment or service must have a direct link to increasing employment or contributing to your business’ growth strategy. If your application is successful, a single up-front grant payment will be made directly to the business.

Eligibility criteria

To be eligible for this grant, the business must:

• 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 Queensland headquarters
• 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.

Your business must have the potential for high-growth within the next 2 years. High-growth is generally considered to be a 20% increase in turnover or employment.

The applying business must have:

• a business plan in place
• the capacity to access finance to fund the growth of their business
• clearly defined an opportunity and developed a plan for growth
• demonstrated how the funding will assist the business to achieve these goals.

Only 1 application will be accepted from an individual ABN or a financial beneficiary of a business for consideration at any one time.

Successful applicants cannot reapply for funding under this program.

Important dates

Round 1 will open on 28 March 2018.

Who should apply

Businesses applying for funding must use the grant to manage and finance their business expansion, including but not limited to:

• increasing employment
• improving management processes and systems to increase productivity and efficiency
• introducing product processes or systems innovation
• sentering new markets
• increasing turnover/sales.

How to apply

Applications will open on 28 March 2018.

Before applying, refer to the:

• application guidelines
• terms and conditions (to be provided on 28 March 2018).

How you will be assessed

Applications will be evaluated by an assessment panel which includes representatives from the Office of Small Business and independent business experts.

Applications will need to meet both the eligibility criteria and demonstrate merit against the assessment criteria, including:

• the extent to which the project will support the business to reach its high-growth goals
• potential and likelihood the activity will create jobs growth
• value for money.

Application process

• All applications are checked for eligibility
• Eligible applications are considered by the Stage 1 shortlisting panel
• All applicants will be notified about their eligibility and Stage 1 shortlisting panel outcome
• Successful applicants will be invited to pitch to the Stage 2 assessment panel

Pitching to the panel

Pitching to the panel is a critical stage in the application process and provides an opportunity to draw out the merits of the proposal, and for panel members to ask relevant questions. If an invitation to pitch is made, applicants are strongly encouraged to provide a strategic overview of their business plan and any other material to support the application.

Teleconferencing or videoconferencing may be available if applicants (or representative) are unable to attend in person.

Applications must demonstrate a clear link between the proposed project and the challenges faced by the business. To be successful, the assessment panel must be certain that the proposed project will assist the business to meet the challenges identified. Non-targeted, or generic proposals will not be accepted.

The participating business must provide a progress report after 3 months and a final report on completion of the project outlining:

• the product or service received
• how the product or service has been implemented
• the impact on the business
• the results and outcomes achieved.
• Businesses will be surveyed 6 months after the completion of the project.

More information on small business grants

For further information about the program and application process, refer to the application guidelines or phone 13 QGOV (13 74 68).

Want more sound business financial advice? Speak to the team of Sunshine Coast accountants at Bottom Line Control today.