Grant funding for High Growth Queensland Companies: Business Growth Fund Program Round 6

The Department of Employment, Small Business and Training (DESBT) has released the newest round of the Business Growth Fund Program, targeting businesses who can accelerate the growth of Queensland’s economy and employ more QLD people. High growth Queensland companies have the opportunity to apply for up to $75k in grant funding to go towards specialised machinery or equipment in order to scale up operations.

Program deadlines:

    • Expressions of interest Open: 1st May 2024
    • Expressions of interest Close 14th May 2024

Available Funding:

    • $50,000 – $75,000 (excluding GST) per project

Co-contribution:

    • At least 40% of total project cost

Eligibility Criteria

    • Employee count: Have a minimum of 5 and a maximum of 49 employees (measured by headcount).
    • ABN and GST registration: Possess an active Australian Business Number (ABN) and be registered for Goods and Services Tax (GST).
    • Queensland headquarters: Have a registered Queensland headquarters location as per your Australian Business Register (ABR) record.
    • Trading history: Demonstrate a minimum trading history of 5 years.
    • Annual turnover: Show a minimum turnover of $500,000 for the last financial year (2022/23).
    • Market opportunities: Have competitive opportunities in either domestic or international markets.
    • High-growth track record: Provide evidence of 2 years of high-growth and clearly defined high-growth and employment opportunities within Queensland.
    • Previous funding: Not have been approved for funding under an earlier round of the Business Growth Fund.

The Business Growth Fund grant must be used specifically to purchase highly specialised equipment that directly facilitates business growth. The equipment should play a clear role in increasing employment opportunities and maximising economic returns for your business.

Eligible Activities

For the purposes of this grant, specialised equipment refers to an independent or additional piece of complex machinery that directly impacts business operations by increasing, automating, or enhancing productivity. The purchase of such equipment represents a significant investment for the business.

When assessing the degree of specialisation, the grant committee will consider the type of equipment in relation to your specific business type and the local economy in which you operate.

Examples of eligible highly specialised equipment may include, but are not limited to:

    • Production equipment that enables your business to meet growth demands that would otherwise be unachievable.
    • Advanced manufacturing or digital equipment and systems that streamline processes, improve efficiency, or open up new capabilities.
    • Advanced logistics systems and equipment that significantly enhance your supply chain management, warehouse operations, or distribution channels.

While these examples provide guidance, the eligibility of specific equipment will be assessed on a case-by-case basis, taking into account the unique needs and circumstances of your business.

What’s Involved in the EOI

In your EOI application, you’re required to provide the following information:

    1. Growth history: Describe your business’s growth over the last 2 years, providing relevant metrics and milestones.
    2. Project summary: Offer a concise overview of your proposed project, highlighting its innovative aspects and explaining how the equipment you plan to purchase is highly specialised.
    3. High-growth opportunity: Explain how implementing your project will create a high-growth opportunity for your business.
    4. Financial contribution: Confirm your business’s financial capacity to contribute to the project as required by the grant program.
    5. Business plan: Include a copy of your business plan, including an executive summary, business description, market analysis, products or services, marketing and sales strategy, operations and management, financial projections, funding request.

If your full application is shortlisted, you’ll be invited to pitch to business experts and DESBT executives. This third and final stage of the process allows you to highlight the merits of your proposed project.

Application Assistance  

NOAH Connect has specialised in government funding applications for over 20 years, assisting companies to put forward applications with the highest chance of success. Reach out today if this grant seems like a suitable fit for your business.