VIC Launches $250m Business Growth Fund
The Victorian government has revealed a new $250 million initiative in partnership with First State Super, designed to support SMEs who are seeking growth, but unable to find funds.
The initiative comes in the wake of many small to medium businesses in financial stress due to the global COVID-19 pandemic.
It will see the local government investing in businesses on commercial terms, taking an equity stake in return for funds.
The partnership with First State Super will back Australian businesses with the goal to support economic recovery, create new jobs and help stimulate growth across the state.
The plan will operate for 10 years, managed by independent fund manager Roc Partners.
Who will decide who is eligible?
The Victorian Government has confirmed investment decisions will be made by Roc Partners based on commercial assessment on potential growth and return, governed by an investment mandate agreed upon by the government and First State Super.
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