Queensland small businesses can now apply for up to $10,000 grant under a new $100 million package to help them counter the impact of COVID-19.

The package was announced today as part of Queensland’s Economic Recovery Strategy: Unite and Recover for Queensland Jobs.

The Small Business Adaption Grant program aims to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.

In recognition of the significant impacts of COVID-19 on small businesses, the funding of up to a maximum of $10,000 per eligible small or micro business to be used towards the following:

• financial, legal or other professional advice to support business sustainability and diversification
• strategic planning, financial counselling or business coaching aligned to business development and diversification
• building the business through marketing and communications activities, for example, content development (web pages, mobile apps, visual and audio media etc.)
• digital/technological strategy development
• digital training or re-training to adapt to new business models
• capital costs associated with meeting COVID-19 safe requirements
• specialised digital equipment or business-specific software to move business operations online (e.g. logistics program for online ordering)
• meeting business costs, including utilities, rent.

To be eligible, the business must:

• have been subject to closure or otherwise highly impacted by current shutdown restrictions announced by Queensland’s Chief Health Officer on 23 March 2020
• demonstrate that business revenue has been significantly impacted since 23 March 2020 over a minimum 1-month period due to the onset and management of COVID-19
• employ staff and have fewer than 20 employees at the time of applying for the grant
• have a valid Australian Business Number (ABN) active as at 23 March 2020
• be registered for GST
• have a Queensland headquarters
• have an annual turnover over $75,000 for the last financial year
• have a payroll of less than $1.3 million
• not be insolvent or have owners/directors that are an undischarged bankrupt.

If you are eligible, please apply via the following link or contact our office for assistance:

Click here to apply

Prior to application, please ensure you are familiar with the Grant guidelines and obligations.

Assessment

The assessment will be processed on a first-come, first-served basis and application will close once the funds have been fully exhausted.

Grant Payments and obligations.

Funding will be paid upon approval of your grant application.

Within 1 month of completing the project, applicants must:

• complete and submit an acquittal report through SmartyGrants
• submit copies of supplier invoices and proof of purchase for the total project cost.

If you would like more information on how to apply please contact a member of the MGI South Queensland team.

Did you know there’s free money out there that can help your business to grow?

Yes there is really free money out there and no, this is not click bait. There are a number of Government grants for small business at both Federal and State levels intended to help businesses to improve and grow.

For example, we have recently assisted a number of clients to obtain grants under the Entrepreneurs’ Program such as the Business Growth grants to assist them with business needs as varied as:

• strategic planning
• employee share scheme design and implementation
• advisory board
• financial performance management
• exit planning and much more.

This programme aims to drive business growth for businesses in the five growth sectors, which are:

• Advanced Manufacturing;
• Food and Agribusiness;
• Medical Technologies and Pharmaceuticals;
• Mining Equipment, Technology and Services; and
• Oil, Gas and Energy Resources.

If you are not sure if you qualify for one of the Government grants for small business in one of these sectors, by all means have a chat with us. These categories are broader than you think!

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How you can use Government grants for small business

If you are in one of these sectors, there may be Government business grants available under this program to help your business to:

• commercialise novel products, processes and services (Accelerating Commercialisation Grant);
• access expert support to identify growth opportunities, improve management skills and business systems, increase market share and improve the financial performance of the business (Business Management Grant);
• assist start-ups to develop the capabilities required to achieve commercial success in international markets (Incubator Support Grant); and
• access expert guidance to address knowledge or research related issues (Innovation Connections Grant).

Each of the above are dollar for dollar matching grants of between $20,000 and $50,000, meaning a $40,000 project may only cost you $20,000. It’s crazy to say no, when the government offers to pay half of your costs. And this is just one of a number of grant programs available at the federal level.

At a state level, there are also Government business grants available. For example, the Queensland government’s Business Growth Grant is designed to support fast growing businesses looking to put on staff, purchase specialised equipment and access services to support business growth. Grant applications may attract funding of up to $50,000 depending on the application. Successful applicants may only have to contribute 25% – 50% of total project costs.

Here’s a flowchart we use to help our clients assess whether they are eligible for some of the most common grants we see.

We outlined a number of the available small business grants in a little more detail in an earlier blog post so take a read and to find out more.

For further details about the Government business grants mentioned or if you would like to know whether you are eligible, please contact the expert team at MGI South Queensland on 07 3002 4800.

This article aims to provide you with an overview of the grants that may be available to you. It is not intended to be specific advice for your business.