Business Boost Grant Round 3
Round 3 of the Business Boost Grant is here!
Small businesses could be eligible to receive up to $20,000 with the latest round of Business Boost Grants.
Let us breakdown what you need to know…
The grant assists small businesses to enhance their efficiency and productivity. This support includes funded activities in 3 priority areas:
Future planning
Specialised and automated software
Planning and systems for staff management and development.
Available funding
Grant funding (excluding GST) is paid once the grant recipient completes the project within 12 months.
Successful applicants must equally contribute towards the total project cost.
The QLD government will not fund projects with:
a total cost of less than $20,000 (excluding GST)
payments made on project activities before grant approval.
The table shows total project costs and required co-contribution amounts (excluding GST):
To be eligible for this grant, the business must:
Have between 2 and 19 employees (by headcount, this includes all full time, part-time and casual employees. Business owners, directors and contractors are excluded from this headcount tally)
Have an active Australian Business Number (ABN) and be registered for GST*
Have Queensland headquarters*
Be established and financially sound, experiencing growth and with a minimum turnover of $300,000 (minimum) in the last financial year (2022-23)
Have a business web presence (eg. business website, social media pages)
Not have been approved for funding under Round 1 or 2 of Business Boost
Not be insolvent or have owners/directors that are an undischarged bankrupt.
*Your business must maintain this eligibility for the duration of the grant funded activity.
Application process
The application process includes 3 stages:
Registration of interest
Opens at 9am 6 September 2023, and closes at 5pm 12 September 2023
The registrations of interest go into a ballot (ie. it’s not first in best dressed!)
Full application (if drawn in the ballot)
Opens at 9am 20 September 2023, and closes at 5pm 10 October 2023
Registered accountant’s letter
This letter serves as evidence of the financial and operational details of your business. This is confirming your business' 2022–23 turnover, gross profit and employee headcount.
My business meets the eligibility criteria and I am looking to start a project in one of these 3 priority areas… now what?
Fenwick Collective is here to support these projects with our strategic planning and advisory services, which include:
Future planning and strategy meetings
Future financial forecast preparation and presentation
Financial projections for potential return from project to confirm/deny feasibility
Software integration and implementation
Staff support around setting of KPI’s, tracking of staff profitability and improving staff retention
These services could be incorporated within the total project costs.
FAQs:
Q: How many suppliers can I use?
A: Maximum of 2 suppliers. The QLD Gov. may prioritise applications with supplier quotes from Queensland-based Australian companies.
Q: I have two projects in mind. Can I apply for a grant for each project in this round?
A: No, you can only submit one application for assessment per business or related party at any one time (related parties include companies with common shareholdings or directors, employees or immediate family).
Q: Are not-for-profit organisations eligible?
A: Yes, not-for-profit organisations are eligible to apply if the business meets the eligibility criteria for the grant.
Q: How are the successful applicants chosen?
A: The eligible registered expressions of interest are placed in a ballot. All eligible applications have an equal chance to advance to Stage 2.