The Qld Government is offering a competitive Grant up to $50,000 for the purchase of specialised equipment, available to businesses that can accelerate growth and employ more people.
The Outcomes expected are:
Improve from small to medium sized,
Increase productivity, turnover, profit and employment by 20%, and
Automate, scale-up, increase market share, diversify or exploit export opportunities.
The applicant must fund at least 25% of the project cost, the max. is $50,000 and the minimum $25,000.
Must be a financially sound business, Qld based, and have the potential to increase by 20% within 2 years, and;
Must have an existing Business Plan and focused on opportunities in domestic and international markets,
3 year trading history,
Turnover above $500,000 for the last financial year,
Ability to access finance to fund growth.
For “Specialised Equipment”
More complex machinery needed to increase productivity, eg., production plant for growth demand or advanced manufacturing or logistics systems. It cannot be used for stock or payments of general business expenses.
All details are now on the website but applications cannot be lodged before 31 May and close when ‘enough applications’ have been received. We expect it could be in high demand and likely to close quickly, perhaps within days.
There is a three stage competitive assessment:
Expression of Interest, which requires confirmation that the eligibility criteria are met, attach a copy of the business plan, description of the equipment and how it will assist to reach high-growth, confirmation of financial contribution, and a ‘declaration the project is not part of everyday operations’.
Full Application - Only for invited EOI applicants
Pitch for Successful Application - Pitch for 10 minutes to a panel of experts and grant executives.
The application is in three steps and so might run over a few months. The key factors are:
Existing turnover exceeded $500,000 last year,
Have a business plan in place (for say 3 to 5 years)
The project needs to be additional to everyday operations
Completion of research to show how and why the project/equipment will deliver more than 20% growth.
If this is of interest to you, go to the website and ensure the eligibility criteria and the requirements are met and complete the Expression of Interest when it opens on 31 May. If you want to discuss anything about this please contact Cameron from Arnold and Finlay Accountants.