Deadline: 14 May 2024
The Business Growth Fund (BGF) is targeting 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 highly specialised equipment, enabling them to unlock growth potential, increase production, expand their workforce, and maximise economic returns to move them into the next stage of growth.
Funded businesses are expected to:
- increase confidence for growth, transitioning from small to medium-sized
- increase productivity, turnover, profit and/or employment by 20%
- improve confidence to automate, scale up, increase market share, diversify and/or exploit exporting opportunities.
The program is administered by the Department of Employment, Small Business and Training (DESBT).
Available Funding
- You may be eligible for funding ranging from $50,000 to $75,000 (excluding GST).
Eligible Activities
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
- Your business must be an established, financially sound, small to medium-sized Queensland business with the potential for high-growth within the next 2 years.
- High-growth is defined as an average annualised 20% increase in turnover, and/or employment in the last 2 years.
- To be eligible for this grant, your business must have:
- a minimum of 5 and maximum of 49 employees (by headcount) at the time of applying for the grant.
- an active Australian Business Number (ABN) and be registered for GST.
- a registered location of Queensland headquarters (as per your Australian Business Register (ABR) record).
- a minimum trading history of 5 years at the time of applying for the grant.
- a minimum turnover of $500,000 for the last financial year (2022/23).
- competitive opportunities in domestic or international markets.
- experienced 2 years of high-growth and have clearly defined high-growth and employment opportunities in Queensland.
- not been approved for funding under an earlier round of the Business Growth Fund.
- not be insolvent or have owners/directors that are an undischarged bankrupt.
For more information, visit Queensland Government.
