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 fund helps small to medium-sized businesses buy and implement specialised equipment or services to help them seize growth 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.
Minister for Employment and Small Business Shannon Fentiman said that the grants could be used for services such as advice and mentoring as well as equipment.
‘The Business Growth Fund will provide targeted assistance so that businesses can purchase specialised equipment or access professional advice to help their business grow,’ she said.
‘We want more businesses to expand sustainably with expert advice and support, to provide Queenslanders with strong stable jobs.
‘This is a huge opportunity for Queensland businesses looking to take their business to the next level of growth, with more than $2 million in funding available.’
The Business Growth Fund is open to Queensland businesses with fewer than 50 employees and a minimum turnover of $500,000.
Applicants will go through a 2-stage assessment process, including a Shark Tank–style pitch during which they’ll have to put their plans to a panel of business experts.
Growth opportunities can include expanding into overseas markets through ecommerce or other export activities.
Applications have been open since mid-2018 and the assessment panel is expected to meet in the near future.
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.