The Indigenous Business Development Fund is a business development initiative providing seed funding supporting the establishment of new Indigenous businesses on North Stradbroke Island (Minjerribah). As an initiative of the NSI ETS, the project aims to increase business activity on the island and grow the regional economy.
The fund provides financial assistance supporting development of new business ventures that will generate local employment opportunities, deliver high-quality products and services and contribute to community well-being and economic prosperity. Successful applicants are required to demonstrate viability of the business and that it can generate sustainable island employment and meet the eco-cultural values of the Quandamooka community.
The Quandamooka Yoolooburrabee Aboriginal Corporation (QYAC) is administering the funds. An Assessment and Advisory Committee which includes representatives from the Department of State Development, Redland City Council and QYAC has been appointed to consider and approve applications.
Five rounds of funding will be available once a year, between 2017 and 2022.
Round 1 funding applications have now closed (16 June 2017) and been assessed. Funding agreements with successful applicants are currently being finalised.
For more information on the Round 2 funding, including details about how to apply, visit the IBDF website.
As project lead, QYAC will:
- identify business opportunities
- develop the funds criteria
- administer and manage the fund
- establish a fund advisory and assessment committee to include external key stakeholder representation
- report on all applications received with assessment to the North Stradbroke Island Economic Transition Strategy Implementation Committee
- administer and reconcile funds
- report to the Department of State Development.
Quandamooka Yoolooburrabee Aboriginal Corporation (QYAC)
5 rounds of $144,500 each of grant funding
- Redland City Council
- Department of State Development
Expected economic benefits
- Assist the establishment and economic viability of Indigenous businesses
- Increase participation by 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 Indigenous people
- Improved community capacity and capability
- Improved quality of life for Indigenous people
- Reduced socio-economic inequality.
Expected cultural and environmental benefits
- Creation of new businesses that:
- promote, exchange and share knowledge about Indigenous culture, heritage and environmental management
- capitalise on the island’s unique and rich cultural and natural environmental beauty.
Project achievements to date
- Funds criteria and application process developed
- Advisory and assessment committee appointed, including DSD and RCC representatives
- Fund marketing and promotion
- Round 1 application period (19 May - 16 June 2017)
- Assessment of Round 1 applications completed
- Notification to successful and unsuccessful Round 1 applicants.
Project next steps
- Finalise funding agreements with Round 1 recommended applicants
- Support unsuccessful applicants to prepare for future funding rounds
- Round 2 application process preparations
- Training and support for future applicants
- Meet future funding agreement requirements and milestones.