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When you think about growing your SME, the amount of business funding that you'll have available to you is of the utmost importance. Sometimes, you might not have the required working capital to get into new premises, or even hire new employees.
However, the Queensland government has announced a new round of funding that should be attracting small to medium-sized businesses from all over Australia - are you taking note of this move? It could prove extremely beneficial, in the long- and short-term, especially if it's going to help your business open another office in a different region.
So, just what has changed in the Sunshine State?
An encouraging boost - is it enough?
According to a SmartCompany media release on June 14, the Queensland state government announced a boost to business finance of $22.7 million that will be used to bring new organisations to the state and grow the job market.
This indicates there are people in need of work, which is going to be excellent for your hiring prospects. When you move into new premises, how quickly will you be able to get off the ground? Depending on the level of cash flow you have, you might be wanting to make an immediate impact on the market, and that means hiring immediately.
"I'm determined to make Queensland Australia's innovation leader, which is why I have dramatically increased our investment and broadened our focus to embrace opportunities across the economy," said Annastacia Palaszczuk, premier and minister for the arts in the state.
"It's a small amount of money that will sometimes make the difference to relocate here, but what it means is jobs."
A wider picture of the Queensland economy
While this boost to bring small-businesses into Queensland is fantastic news for those planning on expansion, there is a greater piece of news about the government's commitment to ensuring companies are looked after when they arrive.
The Chamber of Commerce and Industry Queensland (CCIQ) reports that the Advance Queensland fund has been increased from $180 million to a total of $405 million. This is an enormous step forward.
"CCIQ, in its January Budget submission and again this month, called for Advance Queensland innovation programs to be reorientated to capture interest from existing small-business, not just start-ups," said CCIQ Director of Advocacy Nick Behrens.
"We are pleased to see the government has listened to the business community and provided a number of initiatives demonstrating this."
Think making the move to Queensland in a push for expansion is a great idea? So do we. Get in touch with Earlypay today to talk about how to make this happen sooner rather than later with its small-business finance solutions.