How Victorian Business Growth Fund Can Boost SME Success
Starting and growing a small business is a challenge in its own right. Scaling it up to the next level is another altogether. In Victoria, small and medium-sized enterprises (SMEs) contribute significantly to the state’s economic growth. In recognition of this fact, the Victorian government established the Business Growth Fund program in March 2019. The aim of this program is to provide financial support to SMEs so that they can create jobs, expand their business, and achieve long-term success. In this article, we’ll dive deeper into how the Victorian Business Growth Fund can boost the success of SMEs.
What is the Victorian Business Growth Fund?
The Victorian Business Growth Fund is a $250 million investment fund that provides long-term capital to high-growth SMEs. The program is designed to help SMEs who may have difficulty accessing traditional funding sources, such as banks. The fund provides equity capital to help SMEs scale up, create jobs and maximise their potential. With this fund, SMEs can get the support they need to invest in new staff, equipment, research and development, and more.
Who is eligible for the Victorian Business Growth Fund?
To be eligible for the Victorian Business Growth Fund, a company must meet certain criteria. SMEs must have an annual turnover of between $2 million and $100 million, have been in business for at least three years, and be based in Victoria. The company should have a clear growth plan in place and the ability to scale up and create jobs.
How can the Victorian Business Growth Fund boost SME success?
The Victorian Business Growth Fund can provide SMEs with vital equity capital to help them grow and expand their business. This program helps to fill the gap in funding that many small businesses experience when trying to scale up. The long-term capital provided by the fund can be used to invest in new equipment and technology, hire new staff, and pursue research and development. This, in turn, can help SMEs boost productivity, drive innovation, and expand their operations.
Case Studies
One successful example of a business that has benefited from the Victorian Business Growth Fund is Outland Denim. Outland Denim is a sustainable denim company that provides employment opportunities for women in Cambodia who have experienced exploitation and abuse. With the support of the Victorian Business Growth Fund, Outland Denim was able to invest in new equipment and expand its operations. The company grew from 42 employees to 90 employees in just one year.
Another SME that has benefited from the Victorian Business Growth Fund is Nicky’s Kitchen, a Victorian-based business that produces gluten-free food. Nicky’s Kitchen used the fund to purchase new equipment and hire new staff. This enabled the company to expand and increase its production capacity by 150%.
Conclusion
In conclusion, the Victorian Business Growth Fund provides SMEs with the opportunity to scale up their business and achieve long-term success. The program helps fill the gap in funding that many small businesses experience when they try to access traditional funding sources. With the support of the Victorian Business Growth Fund, SMEs can invest in new equipment, hire new staff, and pursue research and development to boost productivity, drive innovation, and expand their operations.
