TIQ clients 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 fund helps small to medium-sized businesses buy and implement equipment or services to help them seize growth opportunities – including export opportunities.
Businesses need to demonstrate how a grant would help them move to the next stage of growth, and successful applicants must contribute 25%–50% of the total project cost.
The next round of grant applications will be assessed in September 2019.
Grants can be used for services such as advice and mentoring as well as equipment.
Minister for Employment and Small Business Shannon Fentiman encouraged Queensland SMEs to apply.
‘Our Business Growth Fund targets small and medium sized businesses who are already established and looking to take their businesses to the next level with funding of up to $50,000,’ she said.
Past recipients of grants include Brisbane’s Revival Art and Design Gallery, which used their grant to engage a business consultant to improve sales and profitability.
Cairns-based 3D printing company Trinity Engineering and Consulting also received a grant, which they will use to purchase a larger scale industrial 3D printer so they can engage in larger projects.
The Business Growth Fund is open to Queensland businesses with fewer than 50 employees and a minimum turnover of $500,000.
Applicants go through a 2-stage assessment process, including a Shark Tank–style pitch during which they put their plans to a panel of business experts.
Growth opportunities can include expanding into overseas markets through ecommerce or other export activities.
Applications are accepted throughout the year, with regular assessment. The next assessment is scheduled for 16 September.
The Queensland Trade and Investment Strategy 2017–2022 includes a number of initiatives to support the state’s small to medium-sized enterprises.
If you’re a Queensland business interested in exporting your products, connect with TIQ to find out about the full range of services available to SMEs.