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 specialized 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 specialized equipment. These purchases should enable businesses to move to the next stage of growth. Successful applicants must provide a co-contribution of 25% to 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.
The Growth Funwe 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.
Specialized Equipment Grant ā 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 for the last financial year
- have fewer than 50 employees at the time of applying for the grant
- have an Australian Business Number (ABN) and be registered for GST
- have Queensland headquarters
- have competitive opportunities in domestic or international markets
- be experiencing growth and have clearly defined high-growth and employment opportunities in Queensland
- not be insolvent or have owners/directors that are an undischarged bankrupt.
Your business must 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.
The applying business must have:
- a business plan in place
- the capacity to access finance to fund the growth of their business
- clearly defined an opportunity and developed a plan for growth
- demonstrated how the funding will assist the business to achieve these goals
If you would like to discuss how this grant could be of benefit to your business, or discuss your eligibility, please contact Gavin Austin as soon as possible.
E: gavin@walshaccountants.com Ph: 5592 3644 M: 0404 415 300
Please note that all grant applications must be received no later than 17 February 2020; so if this is of interest to you, please contact Gavin no later than the 10th February 2020.
