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Business growth fund program

The Business Growth Fund Program, delivered by the Office of Small Business, is a grant program which provides targeted funding assistance for small and medium businesses that demonstrate high-growth and employment aspirations.

The objectives of the program are to enable successful applicants to purchase and implement specialised equipment or services to help them seize growth opportunities by:

  • Helping small businesses grow and transition from small to medium sized;
  • Supporting small and medium businesses to accelerate employment generating activities and investments;
  • Improving capability and resilience of small and medium sized businesses;
  • Improving business sustainability and increasing the ability to plan, manage and respond effectively to growth; and
  • Improving business innovation and competitiveness in domestic and international markets.

Available funding, and what it can be used for

Funding of up to $50,000 (excluding GST) may be provided to eligible businesses to purchase and implement highly specialised equipment or services to enable the business to move to the next stage of growth.  A co-contribution from the applicant of between 25% – 50% of the total project cost must be provided.  Examples of eligible equipment and services include (but are not limited to):

  • Production equipment to meet otherwise unachievable growth demand;
  • Advanced digital equipment and systems such as 3D printers, scientific equipment or medical devices; or
  • Advanced logistics systems and equipment.
  • Engage business mentors/coaches/consultants/advisors to provide advice on matters such as business structures and governance, systems improvement, export and commercial negotiations;
  • Intellectual property (IP) advice;
  • Feasibility studies; or
  • Engage an advisory board.

The equipment or service must have a direct link to increasing employment or the business’ growth strategy.  It is expected that the grant will be used to manage and finance business expansion opportunities, including but not limited to:

  • Increasing employment;
  • Improving management processes and systems to increase productivity and efficiency;
  • Introducing product processes or systems innovations;
  • Entering new markets; and
  • Increasing turnover/sales.

Who can apply

The Business Fund Growth Program is designed for established small and medium sized Queensland businesses that are financially sound and have the potential for high-growth (i.e. 20% increase in turnover or employment) within the next two years.  The applying business must have a business plan in place, as well as the capacity to access finance to fund the growth of their business.  In addition, businesses must meet certain eligibility criteria:

  • Have a minimum trading history of 3 years at the time of application;
  • 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 Australian Business Number (ABN) and be registered for GST;
  • 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; and
  • Not be insolvent or have owners/directors that are an undischarged bankrupt.

We can help

The application requirements for the Business Growth Fund Program may appear daunting, but the potential funding is significant.  If you would like more information about this program, or assistance with submitting your application, please contact our office on 07 3217 2477.  You can also find a copy of the Application Guidelines on our website.              

Contact us for more information