Round 4 of the Business Growth Fund Program opens to eligible Queensland businesses on 31 May 2022.
Successful applicants may be eligible for up to $50,000 to buy specialised equipment to support the business’s growth.
The program page is yet to be updated from Round 3 as of 5 May 2022, but here is what we know so far.
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Business Growth Fund Program FAQ
When do applications for Round 4 of the Business Growth Fund Program open?
According to the Queensland Government small business grants schedule, the Business Growth Fund Program Round 4 launches on 17 May 2022 and opens on 31 May 2022.
How much is the Business Growth Fund Program for?
Eligible applicants of the Business Growth Fund Program may be eligible for a single, up-front payment of up to $50,000 (excluding GST).
The applicant must also fund at least 25% of the project costs to buy and implement the specialised equipment being purchased with grant funds.
What can the Business Growth Fund Program be used for?
The Business Growth Fund Program can only be used to purchase specialised equipment directly linked to increasing employment and maximising the business’s economic returns.
Examples of specialised equipment include (but are not limited to):
- Production equipment to allow for otherwise unachievable growth demand.
- Advanced manufacturing or digital equipment and systems.
- Advanced logistics systems and equipment.
Who is eligible for the Business Growth Fund Program?
As of 5 May 2022, the eligibility criteria for the Business Growth Fund Program includes:
- Being an established small-to-medium sized Queensland business with an Australian Business Number (ABN).
- Being financially sound as a business with the potential for a 20% increase in productivity, turnover, profit and/or employment in a 12-month period within the next 2 years.
- Having a minimum trading history of 3 years at the time of application.
- Having a minimum turnover of $500,000 for the last financial year.
- Having fewer than 50 employees at the time of applying for the grant.
- Being registered for GST.
- Having a Queensland headquarters.
- Having competitive opportunities in domestic or international marketing.
- Experiencing growth and have clearly defined high-growth and employment opportunities in Queensland.
- Not being insolvent or have owners/directors who are an undischarged bankrupt.
- Having a business plan in place.
- Capacity to access finance to fund the growth of the business (24% of the project).
- Being able to demonstrate how the project and implementation of specialised equipment will help your business achieve clearly defined goals and plan for growth.
How do you apply for the Business Growth Fund Program?
The applications for the Business Growth Fund Program are closed until 31 May 2022. Keep an eye on the Growth Fund page on the Queensland Government website for updated information and the application link.
How can you prepare for the Business Growth Fund?
The Queensland Government recommends downloading the preview application form for the fund to see how to prepare for the program.
Disclaimer: The information on this page is for general information only and is deemed correct at the time of publishing. It does not replace information provided by the Queensland Government, or finance or legal professionals. Localsearch nor the author are liable for any misuse of this information. Refer to the Queensland Government websites linked above for the most up-to-date information.