Business Growth Fund Program
Program Details – Getting the Funds:
WHO is it for: small to medium-sized businesses with 5-49 employees.
HOW MUCH can you get: $50,000 to $75,000 per project, with you co-contributing 40%
HOW to apply: This is a competitive grant, meaning not all applicants will get funding.
Round 6 of the program is launching soon with specific dates for expression of interest (EOI) submission.
Funding Usage:
WHEN do you get the money: Projects can last up to 12 months, with funding disbursed in three milestones.
- Milestone 1: 20% on approval of your application and acceptance of funding agreement
- Milestone 2: 40% on completion and assessment of your compliant 3-month report
- Milestone 3: 40% on acquittal and assessment at project completion.
WHAT can you use the funds for: you can use these funds to purchase specialized equipment, that can drive business growth, increase productivity, and create employment opportunities.
Note that the project must not have substantially started before application submission. That means you can’t get the funding if the project is already under way.
Projects will not be funded with a total cost of less than $83,333 (excluding GST) or payments made before submitting the Stage 2: Full application (project must not have commenced substantially).
The table below shows the breakdown of total project costs and the co-contribution amounts.
| Total project costs (excluding GST) | $83,333 | $125,000* |
| Your contribution (at least 40% of total project costs) | $33,333 | $50,000* |
| Grant funding | $50,000 | $75,000 |
*The total project cost can be more than $125,000 but the maximum amount DESBT will contribute is $75,000.
Who can apply:
To apply for this program, your business:
- must be financially stable
- be based in Queensland
- and demonstrate potential for high growth (20% annual increase in turnover and/or employment ) within two years.
Application Process:
- Applications go through three stages: Expression of interest (EOI), Full application, and Pitch.
- You’ll need to use the DESBT SmartyGrants portal
- You’ll need to meet specific deadlines for each stage.
- Only one application per eligible business or financial beneficiary is allowed per round.
How to apply:
You have a two-week window to prepare your EOI application before applications open at 9 am on Wednesday, May 1, 2024. Here’s a step-by-step guide to get started:
- Familiarize yourself with the essential documents and information:
- Application guidelines
- Terms and conditions
- Frequently asked questions
- Sample EOI application form
- Confirm your eligibility for the application.
- If you don’t have one yet, apply for a DESBT SmartyGrants applicant account.
- Ensure that your business’s ABR profile is current:
- Check your ABN status
- Verify your GST status
- Confirm your main business location
- Gather all necessary evidence and prepare your answers.
- Be prepared to submit your application promptly when EOI applications open on May 1, 2024, at 9 am.
Note: In case of high demand, a virtual queue may be set up on the SmartyGrants portal. Estimated wait times will be provided if you join the queue.
To learn more about this funding program, please visit this website Business Growth Fund Program.
