The Indigenous Business Development Fund aims to increase Indigenous business ownership and grow the regional economy. The business development initiative provides seed funding towards the establishment of Quandamooka majority-owned business ventures on North Stradbroke Island.
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 local community
- assist vulnerable groups in the community (such as elderly, women and youth)
- contribute to the well-being of the local community
- advance the strategic priorities of the Quandamooka people
- advance eco-cultural sustainability for the island.
The Quandamooka Yoolooburrabee Aboriginal Corporation (QYAC) administers 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.
As project lead, QYAC is responsible for:
- administering and managing the fund
- establishing the fund’s advisory and assessment committee
- reporting to the North Stradbroke Island Economic Transition Strategy Implementation Committee
- reporting to the department.
There are five annual funding rounds from 2017 to 2021.
Round 1 received nine applications, with five receiving funding. These business ventures ranged from aquaculture to the arts and are contributing to the island’s economy. Read about Straddie Beachworms, a successful round 1 applicant, including advice for future applicants.
Round 2 applications closed on 29 March 2018. Funding for successful applicants in this round is expected to be released later in 2018.
Preparation of applications can start at any time. Information about future application periods will be released later.
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
- Help establish and support the 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 availability and/or quality of goods and services.
Expected social benefits
- Opportunities for career and skills development 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.
Project achievements to date
- Developed the fund’s criteria and application process.
- Appointed the advisory and assessment committee.
- Round 1 application process and funding successfully completed.
- Funding agreements executed with five successful Round 1 applicants.
- Round 1 funds disbursed in accordance with funding agreements.
- Promotion of Round 2 and receipt of Round 2 applications.
- 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.