The First Australians Capital Business Acceleration Program, a new $1.5 million initiative, is aiming to boost innovation and entrepreneurial opportunities for Indigenous people in Queensland.
First Australians Capital (FAC), an independent Indigenous-led fund manager and business advisory organisation, will deliver the program.
The funding, provided over two years, comes from the Queensland Government's Advance Queensland Deadly Innovation Strategy.
This strategy supports the government's commitment to enhancing economic independence for Indigenous businesses and innovators.
FAC empowers Indigenous entrepreneurs, fostering economic growth in their communities.
Torres Strait Islander, Papua New Guinea man and First Australians Capital co-managing partner, Brian Wyborn, said FAC is delighted to partner with the Queensland Government in the First Australians Capital Business Acceleration Program.
"This program will help us provide resources and opportunities, bridging the economic gap and allowing Indigenous communities to thrive as well as contribute to the state's economy," Mr Wyborn said.
"Among other things, the program will enable First Nations' people to leverage their unique cultural knowledge and perspectives, fostering creative solutions and sustainable practices that benefit all Queenslanders."
To date the initiative has supported more than 800 Indigenous entrepreneurs through 94 investments, leveraging $80 million in capital and creating 372 jobs.
The First Australians Capital Business Acceleration Program will use a staged approach to help Indigenous businesses and innovators grow, providing a framework and guidance for success.
Support under the program will include; Enterprise Loans and Grants – a $1 million fund available through early-stage seed investment for loans of up to $100,000 to Queensland Indigenous innovative businesses.
Minister for Science and Innovation, Leanne Linard said the Queensland Government is fostering economic independence, self-determination, cultural preservation, and social equity for Indigenous Queenslanders, especially in areas of innovation and entrepreneurship.
"That's why in 2019 we introduced our Advance Queensland Deadly Innovation Strategy to create more pathways for Aboriginal and Torres Strait Islander people through participation in the innovation economy," Ms Linard said.
The loans will enable these entrepreneurs to pursue innovative ideas and projects, providing them with the necessary resources to take calculated risks and drive growth.
The scheme also includes business strategic advisory services – a targeted fund to cover costs of essential business strategic advisory services.
This service will see a dedicated project leader support Indigenous founders and companies in areas of fundamental business skills, legal, finance, marketing, mentoring, and grant and tender writing.
Leveraged pathways is also included, where customised assistance is offered for Indigenous businesses in navigating grants and procurement opportunities to elevate their competitiveness in accessing available funding.
"Reviews undertaken as part of these programs have shown the need for a capital pathway for Aboriginal and Torres Strait Islander innovative businesses to provide access to support, funding and support commercial viability and growth," Ms Lindard said.
"The First Australians Capital Business Acceleration Program will provide this, as well as helping address historical injustices and creating a more inclusive and diverse economic landscape, which remains essential for Queensland's ongoing development."
The First Australians Capital Business Acceleration Program is set to launch in August 2024.
More information for businesses is available on the Advance Queensland website.
