The Victorian government has teamed with First State Super to deliver the $250 million initiative known as the Victorian Business Growth Fund, which has been introduced to back enterprises that are keen to grow and thrive but are unable to access enough funds or find suitable investment partners.
The fund's role is not a grant but rather invests funds into a business based on an equity stake being taken and other commercial terms. Treasurer of Victoria, Tim Pallas said the new initiative is a strategy established to help the economy grow, adding:
“This is a Victorian-first program that finds a new way of backing our local businesses to become bigger and better. We know access to capital is often a handbrake on growth – we’re fixing that.”
He said there are many benefits to giving private enterprises a chance to grow such as boosting employment and increasing productivity. It will also help drive high-skilled, full-time jobs in areas of priority within the economy for everyone from the unemployed to those seeking to re-skill and apprentices.
The opportunity is open to all types of small-to-medium businesses ranging from graphic design to manufacturing and everything in between. The eligibility criteria and full details for applying can be accessed online.