The Business Growth Fund (BGF) targets high-growth businesses that can accelerate growth, drive the Queensland economy and employ more Queenslanders.
|Eligible business size||Small to medium-sized businesses|
|Opening date||Stage 1: 11 May 2021|
|Closing date||When funding is exhausted|
Funded businesses are expected to increase business confidence by:
- improved growth transitioning from small to medium-sized
- increase productivity, turnover, profit, and employment by 20%, and
- automating, scaling up, increasing market share, diversify, and/or exploit exporting opportunities
What funding is available?
If successful, a single up-front payment of up to $50,000 (excluding GST) is made available for the business to purchase and implement highly specialised equipment to enable the business to move to the next stage of growth. Grant funding will be awarded after a competitive assessment process that includes pitching to business experts and DESBT executives. The applicant must also fund at least 25 percent of project costs to purchase and implement the specialised equipment. The amount of grant funding will be determined by an assessment panel.
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.
Funding is awarded through a competitive assessment process with 3 stages
Stage 1: Complete a mentoring session specific to your application (please check your business is eligible first). You will then be offered details to apply for the grant.
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.