QLD Business Growth Fund Program Round 4

The QLD Business Growth Fund Program provides funding for small and medium-sized high-growth businesses to buy specialised equipment to meet business growth which has a direct link to increasing employment and maximising economic returns.

Business Growth Fund Program will fund up to 75% of the cost of this specialised equipment up to a maximum grant of $50,000. The minimum grant is $8,333 which means your grant application must be for a minimum of $33,333. For projects over $75,000, the maximum funding is $50,000.

What is specialised equipment?

Specialised equipment is considered an independent or additional piece of complex machinery that will have a direct impact on the operations of the business to increase, automate or enhance productivity and presents a significant investment to the business. This includes:

production equipment to meet otherwise unachievable growth demand
advanced manufacturing or digital equipment and systems
advanced logistics systems and equipment.

Eligibility

To be eligible for this grant, your business must:

have a trading history of a minimum 3 years and be financially sound 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 an active ABN and be registered for GST
not have been approved for funding under an earlier round of the Business Growth Fund
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. High-growth is defined as a 20% increase in productivity, turnover, profit and/or employment in the last 12 months
not be insolvent or have owners/directors that are an undischarged bankrupt.

Your business must also maintain this eligibility for the duration of the grant funded activity.

Application process

It is a 3 stage application process being expression of interest (EOI – stage 1), full application (stage 2) and full pitch (stage 3).

All stages are competitive and even if you make stage 3 there are no guarantees of funding.

Expression of interest (EOI) application

You will be asked to:

confirm the business meets the eligibility criteria noted above
provide a description of your business and a copy of your business’s current business plan
provide a letter from a qualified accountant declaring projected business figures, turnover and employee count for the 2021–22 financial year
provide a description of the proposed specialised equipment and clearly outline how the purchase and implementation of the equipment will assist the business to reach its high-growth and employment plans
confirm the business’s financial contribution
declare the project is not part of the everyday operations of the business.

Full Application

If your Stage 1 EOI application is shortlisted, you will be invited to submit a full application.

In addition to the information provided in your EOI, the full application asks you to include the following documents:

certified business figures, including declaration of turnover and employee count (for the 2021–22 financial year)
a simple balance sheet
a simple profit and loss statement for the previous financial year and current financial year-to-date
a quote(s) or proposals that provide comprehensive details of the specialised equipment that you will be purchasing as part of the project.

Pitch

If your full application is shortlisted, you will be invited to pitch to a pitch panel

How to Apply

Applications for Stage 1 EOI open 9 am 31 May 2022 and close 5pm 30 June 2022, or when there are sufficient applications for a competitive assessment.

For more information and to apply click here

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