The $250 million Victorian Business Growth Fund (VBGF) – a partnership between First State Super and the Victorian Government - has made its first investment to help deliver business growth, more jobs and stimulate the local Victorian economy.
Established by the Victorian Government and First State Super, the Fund will operate for the next 10 years and will help to address barriers faced by successful small and medium enterprises (SMEs) that are ready to grow their business but can’t access the funds or find the right partner they need to take the next step.
The first investment of the fund involves backing a proud Warragul-based fresh produce business, Flavorite, by providing the capital it needs to create more jobs and expand its operations.
As businesses continue to deal with the economic impacts of coronavirus, accessing the capital they need to grow is likely to become an even greater barrier to success than it was before. We believe that it’s more important than ever to back these businesses and help them to expand. Giving these businesses an opportunity to grow boosts productivity, increases employment and will help stimulate the business sectors doing it tough due to coronavirus.
These investments will help drive, high-skilled jobs in priority areas of the economy, including jobs for people who are unemployed, jobs for apprentices or jobs for people attempting to reskill, while delivering strong returns to our members.
You can find out more about the VBGF here.
First State Super’s investment in the VBGF highlights out commitment to supporting the communities our members live, work and retire in. Alongside our recent Climate Change Portfolio Transition Plan and record key-worker affordable housing investments, this investment highlights how First State Super is Aware of the important role we play in supporting Australian communities.