Business Growth Fund Program
The Business Growth Fund (BGF) targets high-growth businesses who can accelerate growth, drive Queensland's economy and employ more Queenslanders.
|Program key details – round 3|
|Eligible business size||Small to medium-sized businesses|
|Opening date||Stage 1: 11 May 2021|
|Closing date||When funding is exhausted|
The program provides funding for small and medium-sized businesses experiencing high-growth to buy specialised equipment to unlock growth potential, increase production, expand your workforce and maximise economic returns.
Funded 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 program is administered by the Department of Employment, Small Business and Training.
You may be eligible for a single up-front payment up to $50,000 (excluding GST).
You must also fund at least 25% of project costs to buy and implement the specialised equipment.
Funding must be used to buy specialised equipment to meet business growth. The equipment must have a direct link to increasing employment and maximising economic returns.
Examples of eligible highly-specialised equipment include (but are not limited to):
- production equipment to meet otherwise unachievable growth demand
- advanced manufacturing or digital equipment and systems
- advanced logistics systems and equipment.
You must be an established small to medium-sized Queensland business who is financially sound and have the potential for high-growth within the next 2 years.
High-growth is defined as a 20% increase in productivity, turnover, profit and/or employment in the last 12 months.
To be eligible for this grant, your business must:
- have a minimum trading history of 3 years at the time of application
- 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:
- a business plan in place
- capacity to access finance to fund the growth of your business
- a clearly defined opportunity and plan for growth
- demonstrated how the project (i.e. implementation of specialised equipment) will help your business to achieve these goals.
Check your eligibility to find out if your business can apply for the program.
Funding is awarded through a competitive assessment process with 3 stages
Stage 2: Complete a full application for competitive shortlisting assessment.
Stage 3: If your application is shortlisted, you will be invited to pitch to business experts and department executives.
Following the pitch, recommendations are made to the department financial delegate who will approve funding allocations.
Refer to the application guidelines for a comprehensive overview of each stage of the application process.
Mentoring for Business Growth Fund
Feedback from the Small Business Roadshows and online business survey showed that businesses would like more support when applying for grants. For this program, businesses must attend a mentoring session, which will help support them when applying for the fund.
How to apply
- Read the key documents:
- Check your eligibility.
- If you are eligible, register for a mentoring session. Registrations are now open.
- Complete a mentoring session. You will receive an email with a link to apply for the grant via the SmartyGrants system.
- Complete the checklist in the application guidelines.
- Follow the link in the email to:
- create a SmartyGrants profile
- complete the online application
- upload your supporting documentation.
You can also subscribe to the Small Business Connect newsletter to keep up to date with the latest information for Queensland small businesses.
For more information about the program, email email@example.com or contact the Small Business Hotline on 1300 654 687.
Check your eligibility
- Last reviewed: 11 May 2021
- Last updated: 11 May 2021