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Business Growth Fund

By 31/05/2022No Comments

Business Growth Fund – Expressions of Interest to open 31 May

Guidelines for the fourth round of the Business Growth Fund are now available. The Business Growth Fund offers funding up to $50,000 to help established businesses purchase specialised equipment to support business growth. Successful applicants must co-contribute at least 25 per cent of project costs.

Potential applicants should be aware that stringent eligibility criteria apply to applicants and projects across the three stages of the application process, culminating in a verbal pitch session to a panel. Only a select number of EOI applications (stage 1) will be invited to complete a full application (stage 2).

To be eligible for this grant, businesses need to have a minimum annual turnover of $500,000 and have the potential for high-growth within the next two years, which could include a 20 per cent increase in productivity, turnover, profit and/or employment.

Examples of eligible highly specialised equipment include advanced manufacturing equipment to meet otherwise unachievable growth demand.

Applicants should read the guidelines in detail. Fleet vehicles, such as forklifts, are ineligible.

The program is competitive, meaning applications are assessed against eligibility and assessment criteria. Interested businesses can review the guidelines and prepare the necessary documentation required in readiness to submit when Expression of Interest applications open on 31 May 2022.

You can create an account for the SmartyGrants portal prior to midnight Monday 30 May and then again from 9am Tuesday 31 May. A virtual queue may be used after 9am on the SmartyGrants portal. This virtual queue is not able to be accessed prior to 9am on 31 May.

EOI applications are scheduled to close when we receive sufficient applications for a competitive assessment or at 5pm, 30 June 2022, whichever comes first.

Access the guidelines on the Business Queensland website.