Queensland’s Business Growth Fund Program to help businesses purchase equipment

The Business Growth Fund (BGF) provides funding for small and medium-sized businesses, in Queensland, experiencing high growth to purchase specialised equipment to unlock their growth potential, boost production, increase the workforce and maximise economic returns.

The program opening date is 11 May 2021 and continues until funding is exhausted.  This program is being administered by the Department of Employment, Small Business and Training.

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.

Available funding

You may be eligible for a single up-front payment of 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.

Eligibility criteria

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.

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.

How to apply

1. Read the key documents:
   Application guidelines.
   Terms and conditions.
   Frequently asked questions.
2. Check your eligibility.
3. If you are eligible, register for a mentoring session. Registrations are open from Tuesday 11 May 2021.
4. Complete a mentoring session. You will receive an email with a link to apply for the grant via the SmartyGrants system.
5. Complete the checklist in the application guidelines.
6. Follow the link in the email to:
   Create a SmaryGrants profile.
   Complete the online application.
   Upload your supporting documentation.

Need more help?

If you are interested in this program but unsure if you are eligible or require further assistance, the team at Carbon are ready to help you. Get in touch today to get started.