Business Development Fund – how to put your hat in the ring
The Queensland Government’s $40 million Business Development Fund is good news for businesses looking to unlock their innovative potential.
BDO Research and Development Partner Nicola Purser said there was no reason small business could not put their hand up for the cash.
Ms Purser said an innovative idea was an important first step.
“As CCIQ’s Nick Behrens has stated previously, the fund ‘demonstrates that the State Government’s economic strategies are consistent with business priorities for tomorrow’s new economy’,” Ms Purser said.
“The fund, administered by the Queensland Investment Council (QIC), will see the Government offer businesses joint investments between $125,000 and $2.5 million, acting as a passive investor.
“The Government investment must be matched by a private co-investor.
“This joint investment arrangement results in a successful applicant receiving an overall investment of at least a $250,000 over the next four years.
“With this level of investment on offer, it’s worth putting your hat in the ring.”
Ms Purser said there were some crucial things small business needed to know first.
Key eligibility criteria
Applications are now open online [http://advanceqld.initiatives.qld.gov.au/funding/bdf/application-process.aspx] and must be made by the private co-investor, not the business seeking the funding.
This approach encourages co-investors and businesses to work together to ensure eligibility with the fund’s criteria and conduct the appropriate due diligence.
Application involves five steps:
Preparing a successful application
If you’re considering applying for investment via the Business Development Fund, your business needs:
• An innovative idea
• A strategy and business plan
• A reputable, private co-investor
• Comprehensive third party due diligence commissioned by the co-investor.
Need a helping hand?
“BDO can help you prepare a successful application by identifying and introducing you to potential co-investors and conducting third party due diligence on their behalf,” Ms Purser said.
“To help guide the application process, we’ve also developed a free checklist: Achieving Grant & Investment Application Success, outlining key things to consider along the way to ensure you stay on track.”
Click here [http://info.bris.bdo.com.au/acton/media/16369/achieving-grant-and-application-success] to download your checklist today.
“I welcome your comments below about what you’d do with a $250,000 investment boost to your business.
“If you have any questions about your eligibility for the Business Development Fund or just want to find out more, please connect with me.”
BDO Webinar: Can you get access to more cash?
Register here to join presenter - Dave Smith, Associate Director - Research and Development Incentives, for this February 3 event.