The recently announced 2018-19 Queensland Budget will include a $40 million funding boost to small business innovation, via the Queensland Business Development Fund (BDF).
The BDF was first announced by the Palaszczuk Government in 2015. It offers co-investment funding of between $125,000 and $2.5 million to assist established and start-up Queensland businesses to pursue new ideas and innovations. A panel of independent, experienced investors is responsible for assessing BDF applications and allocating the funding, which must be matched by a private sector co-investor.
The recent $40 million commitment brings the Queensland Government’s total investment in the BDF to $80 million. The BDF has so far invested in 24 Queensland businesses and has invested $28.9 million as at 25 May 2018, resulting in more than 100 new jobs in Queensland.
Mullins is the legal advisor to the BDF, working closely with Queensland Investment Corporation (which administers the Fund), Queensland Treasury, and the Investment Panel. Mullins Partner, David Callaghan, provides guidance and advice in relation to each investment including documentation and other legal aspects.
Mullins is proud to be involved in the Fund which brings job creation, innovation and investment opportunities to Queensland, and looks forward to continuing its partnership with all involved.