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 North Stradbroke Island Economic Transition Strategy (NSI ETS), the project aims to increase business activity on the island, provide business ownership and employment opportunities 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 employment and meet the eco-cultural values of the Quandamooka people.
The Quandamooka Yoolooburrabee Aboriginal Corporation (QYAC) is administering the funds. An Assessment and Advisory Committee which includes representatives from the Department of State Development, Manufacturing, Infrastructure and Planning, 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 2021.
Nine applications were received for Round 1 of the IBDF. Six applications were recommended for funding, totaling an estimated value of $142,597. New Quandamooka businesses that have been successful in obtaining Round 1 funding will be operating in the areas of aquaculture and the arts, contributing to a sustainable economy for Minjerribah.Round 2 of the IBDF is open until 4 pm, 29 March 2018. For more information, 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, Manufacturing, Infrastructure and Planning.
Quandamooka Yoolooburrabee Aboriginal Corporation
Five rounds of $144,500 each of grant funding
- Redland City Council
- Department of State Development, Manufacturing, Infrastructure and Planning
Expected economic benefits
- Assist the establishment and economic viability of Quandamooka majority-owned businesses
- Increase participation by Quandamooka 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:
- 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.
Read the story of Round 1 Indigenous Business Development Fund successful applicants, Straddie Beachworms.
Project achievements to date
- Funds criteria and application process developed
- Advisory and assessment committee appointed, including Department of State Development, Manufacturing, Infrastructure and Planning and Redland City Council representatives
- Fund marketing and promotion
- Round 1 2017 assessment of applications completed
- Notification to successful and unsuccessful Round 1 applicants
- Funding agreements entered into with successful Round 1 applicants
- Training and support opportunities identified for future applicants
- Round 2 launched.
Project next steps
- Administer Round 2
- Meet future funding agreement requirements and milestones.