Walker Hill Group

Small Business Grants QLD

The Department of Employment, Small Business, and Training (DESBT) offers grants and programs to help small businesses in Queensland continue to grow and thrive, which can make all the difference in those first few years! But what are these grants, and why are they so important to small businesses?

Today we’re aiming to answer all of the questions you might have concerning Queensland’s small business grants, so keep reading to learn more!

Why are small business grants so important?

It’s estimated that one in three new small businesses in Australia will fail in their first operating year, with two out of four by the end of the second year and three out of four by the fifth year – so a grant program can make or break many small businesses. They have been put in place by Queensland’s government to help you increase key capabilities, embrace innovation, and help high-growth businesses keep up with their opportunities.

Starting up a small business is hard, but maintaining it and keeping it on the right growth trajectory can be even more difficult. So, the fact that Queensland offers free grants to those who need it most is an amazing opportunity for many small business owners – and one that you shouldn’t miss if you’re eligible!

Small Business Grants Available in Queensland

At the current time of writing, there are three small business grant programs being offered. Each of these is designed for various goals and reasons, so knowing which one is best for you might increase your chances of being accepted. Let’s take a look at the three available grants below:

Business Basics Grants Program

The Business Basics grant is a competitive program suitable for small businesses with less than five employees, with an available funding amount of $7,500 per grant. As it’s a competitive grant, not all applicants will be accepted for the money, and there are multiple stages you’ll need to go through before being awarded the grant.

You can apply for funding for grant-funded activities, such as seeking:

  • Professional business advice
  • Strategic marketing services
  • Website building and upgrades

Eligibility requirements

To be eligible for the Business Basics grant, your business needs to meet all of the criteria at the time of your application. Here are the criteria your business needs before you can submit an application:

  • Less than five employees
  • Operating with an active Australian Business Number (ABN)
  • A registered Queensland headquarters location
  • A minimum trading history of one year
  • A maximum turnover of $300,000 for the last financial year
  • No prior funding from an earlier Business Basics grant
  • Not insolvent or have undischarged owners or directors who are currently bankrupt

Available funding

The Business Basics program has a total funding opportunity of $7,500 per grant, which is paid upfront if you’re successful and approved. You don’t have to co-contribute to the grant, but you will need to pay any extra related expenses over the maximum grant amount.

The DESBT won’t fund activities with:

  • A smaller total cost than $7,500
  • Payments made before submission of the second stage (full application)

To learn more about the Business Basics grant, you can read all about it on Queensland’s government website.

Business Boost Grants Program

The Business Boost grant is another option for small businesses with between two and twenty employees. This program has three stages for you to work through, and it’s another competitive one that means you won’t necessarily get the money, even if you apply. The available funding is between $10,000 and $20,000, so it can make a huge difference for many small businesses!

Funded businesses can expect to see a boost in turnover and profit, improved confidence and skills, and hopefully even better overall survivability.

The Business Boost aims to help small businesses improve their efficiency and productivity by funding activities in three project areas, including:

  • Future planning
  • Specialised and automated software
  • Planning and systems for staff management and development

Eligibility requirements

Not all businesses are eligible for the Business Boost grant, so it’s important you know whether you’re a good candidate or not before applying. Here are the criteria your business needs to meet at the time of your application:

  • More than one but less than twenty employees
  • Operating with an active Australian Business Number
  • Registered for GST
  • Have a registered headquarters located in Queensland
  • Be established and financially sound, with prior growth and a gross profit in the previous financial year
  • A turnover of at least $300,000 in the previous financial year
  • A publically accessible website or social media presence to identify your business operations
  • No prior approval for funding under earlier Business Boost rounds
  • Not insolvent or have undischarged owners or directors who are currently bankrupt

Available funding

If you’re successful in your application for the Business Boost grant, you’ll be awarded a payment of between $10,000 and $20,000, paid in two milestone payments:

  • First payment of 50% on completion of a compliant three-month report
  • Second payment of 50% on the acquittal at project completion

Successful applicants will need to equally co-contribute to the total project cost, and the DESBT won’t fund projects with:

  • Less than $20,000 total cost
  • Payments made before submitting the second stage full application

This means that if you’re accepted, you’ll need to pay at least $10,000 of the total project’s costs, and DESBT will pay the other $10,000. With both parties paying 50% to the project, you could have a maximum of $40,000 to spend on your business. To find out more, read all about the Business Boost grant here.

Business Growth Fund

The Business Growth Fund is for small to medium businesses with an. employee count of between five and 49 employees, and it’s designed to target high-growth businesses that can accelerate growth to drive Queensland’s economy and create more job opportunities for the locals. Again, this is a competitive grant which means just because you apply, it doesn’t mean you’ll automatically get the money.

This grant offers funding of between $50,000 and $75,000 per project and requires a co-contribution of at least 40%.

The Business Growth grant is designed for businesses that need to buy highly specialised equipment, allowing them to unlock new growth opportunities in the long run. If your business is successful and awarded the funding, you can expect to grow in confidence and size, increase productivity and profit, scale upwards, and increase your overall market share.

Eligibility requirements

The Business Growth grant is only for established and financially sound small and medium businesses that have the potential for high growth within the next two years. This is defined as an average 20% increase in turnover and employment per year.

Along with this, there is another list of criteria your business needs, including:

  • Between five and 49 employees
  • An active Australian Business Number and registered for GST
  • A registered location in Queensland for your headquarters
  • A minimum trading history of five years
  • A minimum turnover of $500,000 for the previous financial year
  • Competitive opportunities in either domestic or international markets
  • Two years of high growth under your belt
  • No prior approved funding under earlier rounds of the Business Growth fund
  • No insolvencies or undischarged owners or directors who are currently bankrupt

Your business must meet these requirements at the time of application, as well as maintain them throughout the entire duration of the grant-funded activities.

Available funding

The Business Growth grant has an overall funding opportunity between $50,000 and $75,000, which will be paid in three milestone payments:

  • First payment of 20% on approval and acceptance of the funding agreement
  • Second payment of 40% on completion and assessment of your three-month report
  • Third and final payment of 40% on acquittal and assessment of your project’s completion

You will need to co-contribute 40% of the total project’s costs, which means if the DESBT offers you a maximum of $75,000, you’ll need to pay a contribution of at least $30,000. Learn more about the Business Growth fund through DESBT.

Small Business Funded Projects

DESBT offers a few more funded grants for small businesses, including:

Social Enterprise Grants Program

The Social Enterprise Grants Program offers social enterprises between $5,000 and $50,000 to seek professional advice and support during the earliest stages of their business. They can also use this money to test ideas in the market or use technology to achieve their goal, reach, and mission.

Small Business Artisan Producer Grants Program

The Small Business Artisan Producer Grants Program offers artisan chefs and bakers specialising in gourmet food help with growing their business, accessing new market opportunities, and honing their craft.

Small Business Entrepreneur Grants Program

Last but not least, the Small Business Entrepreneur Grants Program is in place to offer new businesses access to professional advice and support in the critically early first stages of establishment.

Final Thoughts

As you can see, it’s clear that Queensland government grants have been put into place to help startups all over the state thrive in their earliest and most vulnerable years! Each grant has different requirements and is best suited to different business sizes and ages, so make sure you do your research before applying for your grant. Good luck!

Recent Posts.
Categories.
Categories
Social.