Accelerate Small Business Grants Program
The Queensland Government is providing $3 million in grant funding over 3 years to established Queensland-based small businesses to engage business mentors, coaches, specialist consultants or an advisory board, for a 6 to 12 month period. (An advisory board provides non-binding strategic advice to a management team).
The Accelerate Small Business Grants Program provides targeted assistance to small businesses that demonstrate high-growth and employment aspirations, to enable them to engage high-level experts and strategic advisors to work closely with them in their business.
Matching funding of up to $10,000 (excluding GST) may be provided to eligible businesses to engage business mentors, coaches, specialist consultants or an advisory board, for between 6 to 12 months. The funding must be matched by a cash contribution from the participating business.
Two grant payments will be made directly to the business, with 50% paid on grant approval and on receipt of a valid tax invoice, and a further 50% paid on successful completion of the project.
To be eligible for this grant, the business must:
- have a minimum trading history of 3 years at the time of application
- have a minimum turnover of $500,000 in the previous 12 months
- have fewer than 20 employees at the time of applying for the grant
- have an Australian Business Number (ABN) and be registered for GST
- have Queensland headquarters or significant Queensland operations
- have competitive opportunities in domestic or international markets
- be experiencing growth and have clearly defined high-growth and employment opportunities
- declare if any owners or directors of the business are an undischarged bankrupt or insolvent.
This grant is targeted at established Queensland-based small businesses that are financially sound and 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 participant applying must have a business plan in place, as well as the capacity to access finance to fund the growth of their business.
Applying businesses must have a clearly defined opportunity and plan for growth, and demonstrate how engaging external advice will allow the business to achieve these goals.
Only 1 application per year will be accepted from an individual ABN or business address. Applicants approved under Round 1 of the Accelerate Small Business Grants Program cannot reapply for funding.
The Accelerate Small Business Grants Program will close at 5pm on 27 March 2018 and no further applications will be accepted after this date.
The program will be replaced with the new Business Growth Fund that will open in late March 2018.
Read more about the Business Growth Fund.
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The participating business must provide a progress report after 3 months and a final report on completion of the project outlining:
- the advice received
- how the advice has been implemented
- the impact on the business
- the results and outcomes achieved.
Businesses will be surveyed 12 months after the completion of the project.
Who should apply
It is expected that businesses applying for funding will be seeking support 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 process or systems innovations
- entering new markets
- increasing turnover/sales.
Before applying, please read the Accelerate Small Business Grants Program Application Guidelines.
How to apply
Applications for the Accelerate Small Business Grants Program are open until 5pm on 27 March 2018.
When applying, please refer to the:
How you will be assessed
All applications will be assessed against eligibility criteria. Further assessment will include:
- the extent to which the services of the advisor(s) will support the business to reach its high-growth goals
- potential and likelihood the activity will create jobs growth
- value for money.
An assessment panel will meet regularly to consider applications.
Applications must demonstrate a clear link between the proposed advice or support and the challenges faced by the business. To be successful, the assessment panel must be certain that the proposed work will assist the business to meet the challenges identified. Non-targeted, or generic proposals from a consultant will not be accepted.
For further information about the program and application process, refer to the application guidelines or phone 13 QGOV (13 74 68).
- Last reviewed: 09 Mar 2018
- Last updated: 09 Mar 2018