On 1 May 2021, the Queensland Government launched Round 3 the Business Fund Program (“BGF”) which targets high-growth businesses who can accelerate growth, drive the Queensland economy and employ more Queenslanders.
The BGF provides grant funding for small and medium enterprises experiencing high growth (considered to be a 20% increase in productivity, turnover, profit and/or employment in the last
A business is eligible for the BGF if:
- it has a trading history of a minimum of three years at the time of applying for the grant;
- it has a minimum turnover of $500,000 for the last financial year;
- it has fewer than 50 employees at the time of applying for the grant;
- it has an active ABN and is registered for GST;
- it has a QLD headquarters;
- it has competitive opportunities in domestic or international markets;
- it has experienced growth and clearly defined high-growth and employment opportunities in QLD; and
- it is not insolvent or has owners/directors that are undischarged bankrupt.
If an applicant is successful, a single up-front payment of $50,000 (excl. GST) is made available for the business to purchase and implement highly specialised equipment to enable the business to move to the next stage of growth.
The BGF program opens on 11 May 2021.
How to obtain funding
BGF funding will be awarded after a competitive assessment process that includes pitching to business experts and Department of Employment, Small Business and Training (“DESBT”) executives.
The applicant must also fund at least 25% of project costs to purchase and implement the specialised equipment.
The amount of grant funding will be determined by an assessment panel after a three stage application process:
Stage 1 – after completing a Mentoring for Growth session specific to Round 3, the business is provided with a link to apply for the grant
Stage 2 – applicants complete a full application for competitive shortlisting assessment
Stage 3 – if the applicant is shortlisted, applicants are invited to pitch to business experts and DESBT executives
Use of grant funding
The grant funding must be used to purchase specialised equipment to meet business growth. Examples provided by DESBT include:
- production equipment to meet otherwise unachievable growth demand
- advanced manufacturing or digital equipment and systems
- advanced logistics systems and equipment
More details and documents can be found here.