The Economic Development Programme provides business funding support through the Business Funding Scheme (BFS) loans.
Business Funding Scheme
The BFS provides Indigenous people, who live in the Torres Strait region and meet eligibility criteria:
- Business loans at interest rates lower than commercial bank rates
- Small business training
- Business support and advice
The BFS helps Indigenous people to start or buy and own commercially viable businesses. Eligible applicants with a commercially viable business idea are offered the opportunity to participate in the Into Business Workshop. The training is practically focused on creating a business plan with specific action steps to help facilitate success.
- 3% interest for loans up to $100,000
- 6.5% interest for loans up to $500,000 (maximum term is 10 years)
- Mentoring Assistance
- Opportunity to refinance existing loan
- Assistance with marketing your business
- Funding for business expansion.
- You must be an Indigenous person and resident of the Torres Strait region
- Plan to expend at least 80% of loan funds on capital assets
- Provide a minimum of 20% equity in the business (excludes shares and kind)
- Offer adequate security to cover the full amount of the loan for the full term of the loan
- The proposed enterprise is assessed as being commercially viable
- The enterprise is to be established or is already based in the Torres Strait region
How to apply for BFS:
To download an application form, click here.