Business Growth Fund Program for QLD Businesses.

By: BARRY EAGAR

The Queensland government has launched the Business Growth Fund Program. Details are available here.

Funding of up to $50,000 (excluding GST) may be provided for eligible businesses. The funding can be used to cover highly specialised equipment or services. Examples of equipment are not limited to the following:

  • production equipment to meet otherwise unachievable growth demand
  • advanced manufacturing or digital equipment and systems
  • advanced logistics systems and equipment.

The Fund will consider proposals for covering services where the business will:

  • engage business consultants or advisors to provide advice
  • seek intellectual property advice
  • engage an advisory board.

Prior approval for specialised services will be required by phoning 13 QGOV (13 74 68), or emailing grants@desbt.qld.gov.au.

To be eligible, the business must:

  • 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
  • not be insolvent or have owners/directors that are an undischarged bankrupt.

The business must have the potential for high-growth within the next 2 years. High-growth is generally considered to be a 20% increase in turnover or employment.

The applying business must have:

  • a business plan in place
  • the capacity to access finance to fund the growth of their business
  • clearly defined an opportunity and plan for growth
  • demonstrated how the funding will assist the business to achieve these goals.

Only 1 application will be accepted from an individual ABN or a financial beneficiary of a business for consideration at any one time.Previously successful applicants cannot reapply for funding under this program.

The Fund could be an excellent opportunity for innovative Queensland companies to get some assistance in these challenging times. It is particularly gratifying that the Fund can be used for obtaining intellectual property advice. That could include advice before filing a patent application, such as assistance with patent searching or patentability of subject matter. Such advice is usually critical before embarking on the building of a patent portfolio.

Please call us on (07) 5679 8233 or email info@emip.com.au if you need help with the grant. If we can’t assist directly, we will put you in touch with someone who can.