The Indigenous Business Development Fund (IBDF) is a business development initiative that provides seed funding towards the establishment of new Quandamooka majority-owned businesses.
As an initiative of the North Stradbroke Island Economic Transition Strategy (NSI ETS), the IBDF aims to increase Indigenous business ownership and grow the regional economy.
The fund provides financial assistance to support viable 'new business ventures' that can:
- improve the availability and quality of goods and services to the island community
- provide sustainable employment, career and skills development to the island community
- provide assistance to vulnerable groups in the community (such as elderly, women and youth)
- contribute to the well-being of the island community
- advance the strategic priorities of the Quandamooka people
- advance eco-cultural sustainability for the island.
The Quandamooka Yoolooburrabee Aboriginal Corporation (QYAC) is administering the fund. An assessment and advisory committee has been appointed to assess and recommend applications for funding. The committee includes representatives from the department, Redland City Council and QYAC .
The IBDF comprises five rounds of annual funding between 2017 and 2021.
Round 1 received nine applications in 2017, with five applicants receiving funding. The successful Round 1 applicants are operating in business ventures in aquaculture and the arts, contributing to the economy of North Stradbroke Island.
Read the Straddie Beachworms story of successful Round 1 applicants, which includes advice for future IBDF applicants.
Applications for Round 2 closed on 29 March 2018. Each eligible application will be assessed. Successful applications will be recommended for funding, with funds anticipated to be released by 30 June 2018.
Applicants can start preparing an IBDF application at any time. Information about application periods will be released at a later date.
As project lead, QYAC’s responsibility is to:
- administer and manage the fund
- establish the fund’s advisory and assessment committee
- report to the North Stradbroke Island Economic Transition Strategy Implementation Committee
- report to the department.
Quandamooka Yoolooburrabee Aboriginal Corporation (QYAC)
Five annual rounds each with $144,500 each of grant funding available Project partners
- Redland City Council
- Department of State Development, Manufacturing, Infrastructure and Planning
- Department of Aboriginal and Torres Strait Islander Partnerships
Expected economic benefits
- Assist the establishment and economic viability of Indigenous businesses, that are Quandamooka majority-owned.
- Increase participation by Quandamooka Indigenous people in local business activities.
- Generate local employment opportunities.
- Support wider regional economic activity and growth.
- Increase the availability and/or quality of goods and services.
Expected social benefits
- Career and skills development opportunities for Quandamooka people
- Improved community capacity and capability
- Improved quality of life
- Reduced socio-economic inequality.
Expected cultural and environmental benefits
Creation of new businesses that:
- are in keeping with, promote or share knowledge about Indigenous culture, heritage and environmental management
- capitalise on the island’s unique and rich cultural, natural and environmental assets.
Read the story of Round 1 Indigenous Business Development Fund successful applicants, Straddie Beachworms.
Project achievements to date
- Developed the fund’s criteria and application process
- Appointed theadvisory and assessment committee
- Round 1 application process and funding successfully completed
- Five funding agreements entered into with successful Round 1 applicants
- Round 1 funds disbursed in accordance with funding agreements
- Promotion of Round 2
- Receipt of Round 2 applications
- First Round 2 assessment and advisory committee convened to assess applications.
Project next steps
- Assessment and advisory committee to finalise assessment of Round 2 applications.
- QYAC to prepare funding agreements with successful Round 2 applicants.
- QYAC to provide DATSIP referrals to support unsuccessful Round 2 applicants.
- DATSIP to promote training and support opportunities for potential Round 3 applicants.
- QYAC to administer future IBDF funding rounds.
Project lead to meet future funding agreement requirements and milestones.