Does your business have growth aspirations but need the funding to achieve them? Grants are available.

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Dec 7, 2017 | Posted in Business Advice
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The Queensland Government has pledged to provide $3 million in grant funding to established Queensland-based small businesses over the next 3 years to engage business mentors, coaches, specialist consultants or an advisory board, for a 6 to12 month period.

Small businesses need to demonstrate high-growth and employment aspirations, to gain assistance from high-level experts and strategic advisors through the grants program. The grant targets established Queensland-based small businesses that are financially sound and 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. All applicants must have a business plan in place, as well as the capacity to access finance to fund the growth of their business, and demonstrate how engaging external advice will help the business achieve its goals.

Eligible businesses will need to match funding of up to $10,000 (excluding GST), with two grant payments made directly to the business, with 50% paid on grant approval and the on receipt of a valid tax invoice, and the remaining 50% paid on successful completion of the project. Businesses with aspirations to seek support, to manage and finance their expansions includes but is not limited to:

  • increasing employment
  • improving management processes and systems to increase productivity and efficiency
  • introducing product process or systems innovations
  • entering new markets
  • increasing turnover/sales.

Eligibility criteria

To be eligible for this grant, the business must:

  • have a minimum trading history of 3 years at the time of application
  • have a minimum turnover of $500,000 in the previous 12 months
  • have a maximum headcount of 20 employees at the time of application
  • have an Australian Business Number (ABN) and be registered for GST
  • have Queensland headquarters or significant Queensland operations
  • have competitive opportunities in domestic or international markets
  • be experiencing growth and have clearly defined high-growth and employment opportunities
  • declare if any owners or directors of the business are an undischarged bankrupt or insolvent.

Assessment of applications

Applicants will be assessed against eligibility criteria (outlined above) by an assessment panel. Applicants must also demonstrate how the proposed support/advice will benefit the business dealing with the challenges that the business is facing. Supporting proposals from consultants must be targeted and specific, as non-targeted and generic proposals will not be accepted.

For more information please click here

It is important to note that only 1 application per year will be accepted from an individual ABN or business address. Applicants approved under Round1 of the Accelerate Small Business Grants Program cannot reapply for funding.

Click here to read the terms and conditions of the application.

 Source:  Queensland Government, Business Queensland, Accelerate Small Business Grants Program, https://www.business.qld.gov.au/starting-business/advice-support/grants/accelerate-grants

 

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