Business Funding Scheme

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.

BFS offers:

• 3% interest for loans from $20,001 up to $250,000
• 6.5% interest for loans from $250,001 up to $1 million (maximum term is 10 years)
• Mentoring Assistance
• Opportunity to refinance existing loan
• Assistance with marketing your business
• Funding for business expansion.

BFS eligibility:

• 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.