The Victorian Government is helping local businesses by giving them the support they need to grow.
Treasurer Tim Pallas today opened the $250 million Victorian Business Growth Fund – an innovative program that will see the Government partner with First State Super and back small-to-medium enterprises who want to grow but can’t raise the funds or find the right investment partner.
The Victorian Business Growth Fund is a Victorian-first initiative that will invest in business on commercial terms and take an equity stake in business, rather than providing a grant.
As businesses continue to deal with the economic impacts of coronavirus, accessing the capital they need to grow is likely to become an even greater barrier than it was before. The Victorian Government will partner with the superannuation industry to back these businesses in to grow.
Giving these businesses an opportunity to grow boosts productivity, increases employment and will help stimulate the business sectors doing it tough due to coronavirus. These investments will help drive permanent, high-skilled jobs in priority areas of the economy, including jobs for people who are unemployed, jobs for apprentices or jobs for people attempting to reskill.
To deal with the economic crisis caused by coronavirus, there’s an opportunity for the Government to work together with the private sector to deliver the growth the economy needs, such as superannuation funds, banks, businesses and not for profits.
The Victorian Government has now invested more than $8.5 billion responding to the economic crisis caused by coronavirus, including support for business billions of dollars in fast-tracked infrastructure projects.
Decisions about investments will be made by independent fund manager Roc Partners. For more information about the Victorian Business Growth Fund or to apply online, visit dtf.vic.gov.au/businessgrowthfund
Quotes attributable to Treasurer Tim Pallas
“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.”
“As we continue to recover from this crisis, we’ll continue to pursue more opportunities to work closely with the private sector to grow the economy.”
Quotes attributable to First State Super Chief Executive Officer Deanne Stewart
“Small to medium-sized businesses are the lifeblood of the Australian economy, and in the current environment supporting them to grow and flourish has never been more important.”
“This investment will support economic recovery, create new jobs and help stimulate growth across the Victorian communities that need it the most.”