Everything You Need to Know About the Victorian Business Growth Fund

Do you own a small business in Victoria that is eager to innovate and expand? Look no further than the Victorian Government’s Business Growth Fund! Created in 2019, this fund offers financial assistance and support to small and medium-sized businesses looking to take their operations to the next level. In this article, we’ll be outlining everything you need to know about the Victorian Business Growth Fund, including how to apply, the types of assistance offered, and success stories from businesses that have benefitted from the fund.

What is the Victorian Business Growth Fund?

The Victorian Business Growth Fund is a $250 million initiative established by the Victorian Government to help small and medium-sized businesses access the financial assistance they need to grow and succeed. The fund operates on a co-investment model, meaning the government will match private sector investment dollar-for-dollar, up to $5 million per business. The fund aims to provide long-term support for businesses, with repayment plans that are tailored to the individual needs of each business.

What types of assistance are available?

The Victorian Business Growth Fund offers a range of financial and non-financial assistance to eligible businesses. Financial assistance may include:

– Equity investments: The fund may purchase a share of your business in exchange for a capital injection. This can provide a boost to your cash flow, allow you to pursue new growth opportunities, and attract further investors.

– Loans: The fund may offer loans to businesses in need of short-term capital, such as to finance the development of a new product or service or to expand into new markets.

– Debt guarantee: The fund may provide a guarantee to lenders on behalf of your business, making it easier for you to obtain a loan.

Non-financial assistance may include:

– Business mentoring: The fund offers a network of experienced business mentors who can provide advice and support to help your business grow.

– Access to networks: The fund provides opportunities for businesses to connect with potential investors, customers or partners.

Who is eligible for the Victorian Business Growth Fund?

To be eligible for the Victorian Business Growth Fund, your business must meet the following criteria:

– Be a Victorian-based business with a registered ABN
– Have an annual revenue of between $2 million and $100 million
– Be able to match the funding provided by the government (whether through equity or debt)

How can businesses apply for the fund?

The application process for the Victorian Business Growth Fund involves submitting an Expression of Interest (EOI) form. This form asks for basic information about your business and the type of assistance you are seeking. If your EOI is successful, you will be invited to submit a detailed application outlining your business plan and proposed use of the funds. The fund’s Investment Panel will then assess your application and determine whether your business is a suitable candidate for investment.

Success stories

The Victorian Business Growth Fund has already assisted a number of businesses in achieving their growth ambitions. Here are just a few success stories:

– The Draft Group: A Melbourne-based architecture and design firm that received a $2 million equity investment from the fund to support its expansion into international markets. The investment allowed the Draft Group to win major design contracts across Asia and the Middle East.

– Going Solar: A renewable energy company that secured a $5 million loan from the fund to help scale up its operations. This has enabled Going Solar to develop new technologies and expand its range of services, while also creating new jobs in the industry.

– Seabin: An eco-friendly technology company that received funding to support the development of its innovative marine debris collection system. The funding has allowed Seabin to deploy its technology in ports and harbours across Australia and around the world.

Conclusion

The Victorian Business Growth Fund is a valuable resource for small and medium-sized businesses looking to take their operations to the next level. Whether you’re seeking equity investment, a loan or non-financial assistance, the fund offers a range of options to meet your needs. By providing financial support and access to expert advice, the fund is helping businesses across Victoria to innovate, grow and succeed.