The Queensland Government has numerous grants that are available to assist businesses with various aspects including cash flow funding, growth, employment opportunities and technology advancement.
Below is a list of some of the current grants that may be of interest:
Business Development Fund
The Business Development Fund is the Queensland Government’s $80 million angel and venture capital funding available to Queensland businesses. The Fund has been established to support the growth of innovative businesses and the creation of high-value jobs as well as attract both interstate and international investments in Queensland.
The Fund may invest between $125,000 and $2.5 million (matched by the co-investor/s) in a Queensland business in order to turn ideas and innovations into a commercial reality.
Note, the Fund’s investment is a direct investment in the business, and is not a payment to the co-investor, a grant or a loan. Both the fund and co-investor are shareholders in the business. The Fund invests on the same equity terms as the co-investor.
Skilling Queenslanders for Work
Skilling Queenslanders is an incentive program that rewards private sector employers, ineligible for Back to Work employer support payments, with a one-off $10,000 payment or a $20,000 Youth Boost after a qualifying period if they employ a Queenslander in a traineeship or apprenticeship who has participated in a Community Work Skills, Work Skills Traineeships, Get Set for Work, Ready for Work or Youth Skills project.
Business Growth Fund
This program provides targeted assistance for small and medium business that demonstrate high-growth and employment aspirations. The fund will enable successful applicants to purchase and implement specialised equipment to help them seize growth opportunities.
Funding of up to $50,000 (excluding GST) is available for eligible businesses to purchase and implement highly specialised equipment or services. These purchases should enable businesses to move to the next stage of growth. Successful applicants must provide a co-contribution of between 25% and 50% of the total project cost. The government contribution will be determined by an assessment panel.
Examples of eligible highly specialised equipment include (but are not limited to):
- production equipment to meet otherwise unachievable growth demand
- advanced manufacturing or digital equipment and systems
- advanced logistics systems and equipment.
Previously the Business Growth Fund considered specialised services in proposals. By exception, they will consider proposals where the business will:
- engage business consultants/advisors to provide advice on matters such as business structures and governance, systems improvement, export and commercial negotiations
- intellectual property (IP) advice
- engage an advisory board.
The equipment or service must have a direct link to increasing employment and the business growth strategy.
Refer to program guidelines at www.business.qld.gov.au/growthfund for detailed information.
The government offers free workshops, webinars and collaboration activities, for Queensland innovators, start-ups and small to medium businesses to build commercialisation skills and connections.
Innovate Queensland’s capacity building workshops, webinars, and collaboration activities are helping innovators, entrepreneurs and organisations across the state reduce innovation development costs, integrate innovating into existing enterprises, reduce the time lags from idea to income, optimise R&D and better target market needs.
See the following link for further information https://www.innovateqld.com/
Small Business Digital Grants Program
This program can assist small businesses to access digital technologies and services to help them work smarter and engage with the global economy.
Matched funding of up to $10,000 (excluding GST) may be provided to eligible businesses for the purchase of hardware, software and services (such as digital coaching). The minimum grant funding is $1,000.
The business must show how the digital technology or services purchased will enhance the digital capabilities of their business. To be eligible the business must have fewer than 20 employees, Queensland headquarters and turnover under $2m.
The Queensland Government regularly updates their Grants and it is worthwhile checking back in to review further options as they become available.
If you would like assistance reviewing Grant options or applying for a Grant please contact Allison McKelvie on 07 3831 1055 or [email protected].
DISCLAIMER: The information on this website and the links provided are for general information only and should not be taken as constituting professional advice from Hall Browns Accountants. You should consider seeking the appropriate legal, financial, or taxation advice to check how the website information relates to your unique circumstances.