Grant alert: Small to medium-sized businesses in Queensland could benefit from Business Growth Fund Program

Applications are now open for The Business Growth Fund (BGF) which targets high-growth businesses who can accelerate growth, drive Queensland's economy and employ more Queenslanders.

It provides funding for small and medium-sized high-growth businesses to buy specialised equipment, enabling them to unlock growth potential, increase production, expand their workforce, and maximise economic returns to move them to the next stage of growth.

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.

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.

Eligibility criteria

Check your eligibility to find out if your business can apply for the program.

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.

Available funding

You may be eligible for a single up-front payment of up to $50,000 (excluding GST), and not less than $25,000 (excluding GST).

Successful applicants must co-contribute at least 25% of project costs.

Projects will not be funded with:

• a total cost of less than $33,333 (excluding GST)

or

• payments made before the approval date (you must be approved before you pay for grant-funded project activities).

Contact TaxAssist Accountants

If you need any help or advice with the financial aspects of running your business, please contact us today on 02 9608 3707 or complete our contact form. We’ll be glad to help.

Last updated: 9th July 2022