Up to $50,000 Grant Now available to Small Businesses
The Department of Employment, Small Business and Training has opened the Small Business - Business Growth Fund to help businesses grow and transition from small to medium sized, support and accelerate employment generating activities and improve the sustainability of businesses in general.
Funding of up to $50k is available, with a co-contribution of 25% - 50% of the total project cost required. This funding is to be used to purchase and implement highly specialised equipment to enable the business to move to the next stage of growth, including:
- Production equipment to meet otherwise unachievable growth demand.
- Advanced manufacturing or digital equipment and systems.
- Advanced logistics systems and equipment.
To be eligible, businesses must:
- Have a trading history of a minimum of three years at the time of applying for the grant.
- 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 Queensland headquarters and be registered for GST.
- Have competitive opportunities in domestic or international markets.
- Be experiencing growth and have clearly defined high-growth and employment opportunities in Queensland (usually a 20% increase in turnover or employment).
Competitive applications will demonstrate that the project will support the business to reach its high-growth goals, will result in jobs creation and represent value for money to the Queensland Government.
Applications will need to include a quote for the products/services to be purchased for the project, a business plan, current financial statements and projected financials.
The assessment process of the grant application will involve two stages. Progress through stage 1 will result in being short listed to present to an Assessment Panel following an online application being deemed eligible and meeting program guidelines. Stage 2 involves the applicant making a pitch to a panel of assessors which will involve a strategic overview of the business plan and support the application for funding.
Successful applicants will receive a single upfront grant payment that will need to be acquitted at completion of the project to demonstrate the funds were used for the approved activities.
Applications for this grant are currently open and will remain open until 5pm AEST on 1 August 2020. For more information please visit the Business Growth Fund Program website .
Mazars can provide assistance in developing a business plan and financial forecasts, guidance on suitability of a particular growth project and support to submit your grant application. Please contact your usual Mazars advisor or alternatively our Grant specialist, Angela Winton , on +61 7 3218 3900.
+ 61 7 3218 3900
+61 3 8458 0000
+61 2 9922 1166
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