Small to Medium Business Growth Grant announced
The Queensland Government recently announced an expanded Program to support small to medium businesses demonstrating high-growth and employment aspirations to purchase and implement specialised equipment or services. Grant applications may attract funding of up to $50,000 that requires co-contribution of 25% - 50% of total project costs to help the applicant business seize growth opportunities.
The Business Growth Grant Program replaces the popular Accelerate Growth Grants which closes its final round on 27 March 2018.
The new program will be open for applications from 28 March 2018. The eligibility criteria for the new program is wider that its predecessor with it targeting assistance to small and medium businesses (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 and 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. Progress to stage 1 will result in being short listed to present to an Assessment Panel following an online application being deemed eligible and meeting program guidelines. Stage 2 involves the applicant making a pitch to a panel of assessors which will involve a strategic overview of the business plan and 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 in the Business Growth Fund Guidelines.
Hanrick Curran advisers can assist in a wide range of ways to deliver support for businesses to achieve growth. If you are not sure which areas you need to focus on to build a better business, take our short business improvement survey and then discuss with your Hanrick Curran adviser the better business program that could be funded by the Business Growth Grant Program.
For further information about Hanrick Curran’s Better Business Program, the Business Growth Grant Program or to discuss how we can assist in preparing a Business Plan please speak with your usual Hanrick Curran adviser or Matthew Beasley, Nathanael Lee, Angela Winton, Stephen Brake, Robert Pitt or Scott Hutton
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.