- The First Australians Capital Business Acceleration Program will provide greater innovation and entrepreneurial opportunities for Queensland's first Australians.
- The Miles Government will provide $1.5 million funding over two years for the program.
- The program will be delivered by First Australians Capital, an independent Indigenous-led fund manager and business advisory organisation.
A new $1.5 million initiative – the First Australians Capital Business Acceleration Program – is set to provide enhanced innovation and entrepreneurial opportunities for Indigenous people in Queensland.
The program will be delivered by First Australians Capital (FAC), an independent Indigenous-led fund manager and business advisory organisation.
The funding is being provided over two years through the Miles Government's Advance Queensland Deadly Innovation Strategy.
This strategy puts into action the government's commitment to improving economic independence for Aboriginal and Torres Strait Islander businesses and innovators.
FAC empowers Aboriginal and Torres Strait Islander entrepreneurs and fosters economic growth within their communities.
To date, it has supported more than 800 Aboriginal and Torres Strait Islander entrepreneurs through 94 investments, $80 million leveraged capital and the creation of 372 jobs.
The First Australians Capital Business Acceleration Program will offer a staged approach to assist Aboriginal and Torres Strait Islander businesses and innovators to grow while also 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 Aboriginal and Torres Strait Islander innovative businesses. 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.
- Business Strategic Advisory Services – a targeted fund to cover costs of essential business strategic advisory services. A dedicated project leader will support First Nations founders and companies in areas of fundamental business skills, legal, finance, marketing, mentoring, and grant and tender writing.
- Leveraged Pathways – customised assistance for Aboriginal and Torres Strait Islander businesses in navigating grants and procurement opportunities to elevate their competitiveness in accessing available funding.
The First Australians Capital Business Acceleration Program is proposed to go live in August 2024, with further information to be made available on the Advance Queensland website.
As stated by the Minister for Science and Innovation, Leanne Linard:
"The Miles Government is doing what matters for Aboriginal and Torres Strait Islander Queenslanders, especially in areas of innovation and entrepreneurship.
"We are fostering economic independence, self-determination, cultural preservation, and social equity.
"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.
"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.
"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."
As stated by First Australians Capital Co-Managing Partner, Brian Wyborn:
"We are delighted to partner 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.
"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.
"The empowerment provided through this program aims to promote self-determination, allowing Indigenous peoples to lead initiatives that reflect their values and aspirations, ultimately strengthening community resilience and cohesion."
