Business Growth Fund
Businesses may be eligible for a single up-front payment up to $50,000 (excluding GST) to buy specialised equipment to increase production, expand their workforce and maximise their economic returns. Businesses must fund at least 25% of project costs to buy and implement the specialised equipment.
The Business Growth Fund is for small and medium-sized businesses experiencing growth, looking to drive Queensland's economy and employ more Queenslanders.
Specialised equipment considered for funding may include (but is not limited to):
- production equipment to meet otherwise unachievable growth demand
- advanced manufacturing or digital equipment and systems
- advanced logistics systems and equipment.
Find out more about the Business Growth Fund and how it can help you grow your AgTech capability.
Verterra is an Australian ecological engineering company that uses design, construction and management of sustainable ecosystems to integrate society’s needs with the natural environment for the benefit of both. Verterra works in a range of industry sectors including agriculture.
Under Round 1 of the Business Growth Fund, the business received $50,000 to purchase specialised digital ground sensing equipment that provides 3D mapping of variations in soil profiles. To help develop a market strategy and secure contracts for expanded services, the business also used funds to engage a specialist technical advisor.
The specialised equipment enabled Verterra to expand capacity and increase its service offerings in the agriculture and mine rehabilitation sectors. Additionally, by engaging specialised technical advisors, Verterra refined their product offerings and identified significant market opportunities for further growth.
As a result of the project, the business was able to hire four new staff, improve management processes and systems, introduce product processes and system innovations, enter new markets and increase turnover.
Dr Glenn Dale, Managing Director of Verterra stated, “I would recommend the program to any small business seeking assistance in overcoming the ‘kinetic hump’ of introducing new equipment to expand their services.”
Temporary full expensing extension
As part of the response to the widespread economic impact of COVID-19, the Federal Government announced that it would allow a deduction for the full cost of certain depreciating assets acquired and used by eligible businesses. This measure, known as ‘temporary full expensing’ and has been extended to include eligible assets first used or installed by 30 June 2023.
See how you might be able to access this incentive to grow your AgTech capability through the Australian Taxation Office.