Invest for growth with the Small to Medium Business Growth Grant

Queensland SMEs looking to expand their business and employ more staff can apply for grants of up to $50,000 from the Queensland Government’s Business Growth Fund.

The Queensland Government’s Business Growth Grant supports high-growth businesses with employment aspirations to purchase and implement specialised equipment or access services supporting business growth.  Grant applications may attract funding of up to $50,000 and successful applicants must contribute 25% - 50% of total project costs.

The eligibility criteria for this program, which opened in March 2018, is wider that its predecessor with it targeting assistance to businesses with less than 50 employees that demonstrate high-growth and employment aspirations. High growth is generally considered to be a 20% increase in turnover or employment. 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.  The business applicant must have a clearly defined opportunity, a plan for growth and demonstrate how the project will assist the business to achieve these goals. It is expected that businesses applying for funding will use the grant to manage and finance their business expansion, 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
• increasing turnover/sales

To be eligible for this grant, the business must have:

• a trading history of a minimum of three years at the time of applying for the grant
• a minimum turnover of $500,000 for the last financial year
• fewer than 50 employees at the time of applying for the grant
• an Australian Business Number (ABN) and be registered for GST
• Queensland headquarters
• competitive opportunities in domestic or international markets
• a growth focus and clearly defined high-growth and employment opportunities in Qld
• owners/directors that are not an undischarged bankrupt nor trading insolvent.

The assessment process of the grant application will involve two stages.  Initially, an online application that if deemed eligible and meets program guidelines will progress through stage 1 to be short listed for Panel assessment.  Stage 2 involves the applicant making a pitch to a panel of assessors outlining a strategic overview of the business plan and opportunities to support their application for funding. 

Successful applicants may submit a valid tax invoice to the Grant administrator upon confirmation of approval and will be paid agreed grant funds shortly thereafter.

Further details about the Grant is available online and support to submit a grant application is available by contacting our Grant specialist Angela Winton.

Mazars advisers can assist in a wide range of ways to deliver support for businesses to achieve growth.  If you are unsure where to focus your efforts to build a better business or would like to know more about the Business Growth Grant please speak with you usual Mazars advisor or alternatively contact Matthew Beasley, Nathanael Lee or Angela Winton on 07 3218 3900.

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.