7 June 2019
The Andrews Labor Government will establish a $250 million Victorian Business Growth Fund for small and medium enterprises to help them access capital and create jobs to grow the Victorian economy. Treasurer Tim Pallas today announced a $50 million contribution towards the Fund, which will be developed with leading industry superannuation groups First State Super and VicSuper. The Fund will be the largest of its kind in Australia, seeking to create thousands of jobs by investing in established Victorian businesses with compelling potential for growth and jobs creation. The Labor Government, First State Super and VicSuper are continuing to work together to finalise the design of the fund, which is subject to a formal agreement. A high-quality, independent fund manager will be appointed through a competitive process. Many Victorian small and medium enterprises find it difficult to access affordable capital, limiting their ability to expand their business. The Reserve Bank and the Small Business and Family Enterprise Ombudsman have repeatedly noted that the economy is being held back by a lack of access to finance. The Fund will complement the Labor Government’s programs which already support businesses, such as the Victorian Jobs and Investment Fund and payroll tax cuts announced in the Victorian Budget 2019/20.
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