Unlocking Growth with the Business Boost Grants Program

The Business Boost Grants program, administered by the Department of Youth Justice, Employment, Small Business, and Training (DYJESBT), is here to provide valuable support for your business aspirations. Synergy Consolidated Director Ross Grieve breaks down the key details below for you.

What Is the Business Boost Grants Program?

The Business Boost Grants program is designed to assist small businesses with 2-19 employees in Queensland. It aims to empower businesses by boosting their efficiency, productivity, and overall success.

The program focuses on three priority areas:

1. Future Planning: Strategic business planning for innovation, growth, and diversification.
2. Specialised and Automated Software: Implementation of advanced software solutions, including AI systems, CRM systems, cybersecurity tools, and more.
3. Planning and Systems for Staff Management and Development: Enhancing human resource management, skills development, and employee performance management.

The Benefits of Participating

Funded businesses under this program are expected to experience several key advantages:

• Boost in Turnover, Profit, and Employment: The program aims to drive growth in your business, resulting in increased revenue and employment opportunities.
• Enhanced Business Confidence and Skills: By providing support in critical areas, the program helps improve your confidence and skills as a business owner.
• Improved Business Resilience: The investments made through this program will contribute to your business's long-term survivability and resilience.

Key Program Details

Here are some key details about the Business Boost Grants program:

• Business Size: Small businesses with 2-19 employees.
• Application Process: The application process involves three stages: Registration of Interest (ROI), Full Application, and submission of a registered accountant’s letter.
• Grant Type: Competitive – not all applications will be funded.
• Available Funding: Grants range from $10,000 to $20,000 (excluding GST).
• Equal Co-contribution: Applicants are required to contribute at least 50% of the funding requested from DYJESBT.
• Suppliers: A maximum of two suppliers can be involved, with a preference for Queensland-based Australian companies.
• Project Length: Projects have a duration of 12 months.
• Payment: Funding is provided upon acquittal after project completion (12 months).

Eligibility Criteria

To be eligible for this grant, your business must meet the following criteria:

• Have between 2 and 19 employees (by headcount).
• Possess an active Australian Business Number (ABN) and be registered for GST.
• Have its headquarters in Queensland.
• Be financially sound, experiencing growth, and have a minimum turnover of $300,000 in the last financial year (2022-23).
• Maintain a publicly accessible web presence (e.g., 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 who are undischarged bankrupts.

*Note: Your business must maintain this eligibility throughout the grant-funded activity.

Eligible Activities

DYJESBT will fund project activities that fall within the three priority areas mentioned earlier. These activities are designed to empower your business in various ways, depending on your specific needs and goals.

 Ineligible Activities

While the program supports a wide range of activities, there are certain types of expenses that are not eligible for funding. These include computer hardware, delivery fees, franchise fees, general business operating costs, salaries and wages, travel, and more.

Application Process

The application process consists of two main stages:

Stage 1: Registration of Interest (ROI): This stage collects essential business details to confirm eligibility. After Stage 1, eligible ROIs enter a ballot process, with selected applicants invited to submit a Stage 2 Full Application.

Dates of importance for Stage 1:

• Stage 1 will open for registrations of interest at 9am, 6 September 2023.
• Stage 1 will close for registrations of Interest at 5pm, 12 September 2023.

Stage 2: Full Application: If your Stage 1 ROI application is selected, you will receive an invitation to submit a full application.

Dates of importance for Stage 2:

• Stage 2 will open for applications at 9am, 20 September 2023.
• Stage 2 will close for applications at 5pm, 10 October 2023.

Final Stage of Assessment

Applicants who have passed the assessment will be asked to provide an accountant’s letter verifying the business's turnover, gross profit, and headcount for the year 2022/23.

 Funding Agreement and Payment

Grant recipients will enter into a funding agreement with DYJESBT to receive funding of up to $20,000 (excluding GST). Funding is paid upon acquittal at 12 months.

Reporting and Audit

Recipients must complete a three-month project report and a final acquittal report upon completing the project. They may also be subject to an audit.



Survey

DYJESBT may conduct surveys of recipients within six months of completing the grant round.

If you're a small business owner in Queensland seeking to boost your business's efficiency, productivity, and growth prospects, the Business Boost Grants program could be your ticket to success. Don't miss this opportunity to take your business to new heights with the support of DYJESBT.

If your business is ready to seize the benefits of the Business Boost Grants program, see the website to submit your Expression of Interest today!