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|
Closed – subscribe to the Small Business Connect newsletter to keep up to date with the latest information for Queensland small businesses.
Submitted applications are undergoing compliance checks prior to assessment
Stage 1: 11 May 2021|
Stage 2: Open for applicants who have completed a mentoring session (stage 1)
Stage 1: 2 June 2021|
Stage 2: 5pm, Monday 16 August 2021
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.
Funding is awarded through a competitive assessment process with 3 stages
Stage 1: Complete a mentoring session specific to your application.
After completing your mentoring session, you will receive an email with details on how to apply for the grant.
- Note: Stage 1 closed for new mentoring registrations at 5pm, 2 June 2021.
Stage 2: Complete a full application for competitive shortlisting assessment using the details emailed to you after your mentoring session.
- Note: Stage 2 closed to applications at 5pm, 16 August 2021.
Application shortlisting begins after all applications have been submitted within the timeframe.
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:
- Complete a mentoring session (note: registrations for mentoring sessions closed at 5pm, 2 June 2021). 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 firstname.lastname@example.org or contact the Small Business Hotline on 1300 654 687.
- Last reviewed: 30 Jun 2021
- Last updated: 10 Sep 2021