The Queensland Government recently announced new grants available to businesses across Queensland. The Business Growth Fund Program, Business Boost Grant and Business Basics Grant will soon be available for applications, providing businesses of all levels with opportunities to secure funding to accelerate their growth.
There are a number of ways in which Queensland businesses will be able to use these grants, if successful upon application, to improve their business. In this article, the WorkDash team will be focussing on the Business Growth Fund Program, as well as what we can do to help make your application successful!
BUSINESS GROWTH FUND PROGRAM
Opening on Tuesday 11th May, 2021, Queensland businesses are able to apply for the Business Growth Fund Program. This is a grant of up to $50,000 to be used to buy highly specialised equipment to seize and accelerate growth opportunities. This is an excellent opportunity for eligible businesses to kickstart their growth in the new financial year.
This grant is perfect for businesses looking to purchase:
- advanced logistics systems and equipment
- production equipment needed to sustain growth
- advanced manufacturing or digital equipment & systems
Who Is Eligible For This Grant?
In order to be eligible for this grant, you will need to satisfy all of the following conditions. If you do not meet all of these requirements then you are ineligible for the Business Growth Fund Program.
- Must complete a mentoring session.
- Must have a business plan.
- You must fund at least 25% of project costs.
- Your business has been trading for at least 3 years at the time of application.
- Minimum turnover of $500,000 for the 2019-2020 financial year.
- Have fewer than 50 employees at time of grant.
- Must have a Queensland headquarters.
- 20% increase in productivity, turnover, profit and/ or employment in the last 12 months.
- Your business WAS NOT successful for any rounds of the Business Growth Fund program.
Expected Program Outcomes
Businesses that receive funding from the Business Growth Fund Program are expected to increase business confidence by:
• improving their growth transitioning from small sized business to medium
• increase their productivity, turnover, profit and employment by 20%, and
• automating, scaling up, increasing of market share, diversify and/or exploit exporting opportunities
The Application Process
There is a rigorous application process for the Business Growth Fund Program. To apply, you will need to complete a three step process:
- Complete a mentoring session
- Complete your application
- If you are successful in your application, make a pitch to business experts and department executives.
Key Application Documents
There are a number of application documents you need to consider if you are thinking of applying for the Business Growth Fund Program. We have included these in the links below.
• Application guidelines
• Terms and conditions
• Frequently asked questions
• Preview of application form
Small Business | Business Boost Grant
The Business Boost Grant allows small businesses to apply for a monetary grant of up to $15,000. This is designed to help small businesses across Queensland to improve their efficiency and productivity through organisational development and upgrades through automated software and CRM systems. Business Boost Grants can be used for website development, marketing, consulting and planning for business continuity and succession.
This program is expected to launch in mid-July and close to applications by the end of the month. The full details on the Business Boost Grant are yet to be released by the Queensland government. You can click here to see the most up to date information on the Business Boost Grant. We will keep you updated as further information is released.
Small Business | Business Basics Grant
Starting from May 17th 2021, Queensland small businesses will be able to apply for the Business Basics Grant. This is a grant of up to $5,000 to help support new and emerging businesses to increase core capabilities and adopt current best practice. Applications open on May 31st, 2021. More details are expected to be made available for the Business Basics Grant as we get closer to the application opening date. To stay updated on relevant information be sure to check in on the official Queensland government website by clicking here. We will keep you updated as further information is released.
Need Help Filing Your Claim?
Would you like to apply for one of the grants we have explained in our article? The WorkDash team is here to help! Our professional team is offering submission guidance to ensure your grant application is successful. From just $990 inc. GST, WorkDash will help you through the grant submission process. If you would like to know more about this, contact us today for a free consultation by calling us on 1300 963 274 or click here to contact us through our website.