Manufacturing Demise Spurs Supportive SME Funding
(22 November 2023 - Australia) The demise of domestic Australian manufacturing has exposed major vulnerabilities in the economy, highlighting the nation's heavy reliance on imported goods.
To solve this critical issue the Australian Business Growth Fund (ABGF) is targeting direct investment into SMEs reshaping industries to solve the country’s biggest challenges, such as sovereign capability.
As the lifeblood of the Australian economy, SMEs not only contribute to over half of Australia’s GDP. They also employ two-thirds of the private workforce. Which is why the ABGF is backing ambitious businesses to expand and grow. ABGF has invested over A$150 million into companies that are innovating Australian sectors and looking for more entrepreneurs that bring diverse approaches to business and innovation.
In an interview with the AFR, ABGF CEO Anthony Healy discusses the fund's focus on supporting small businesses by providing the capital, capabilities and connections needed for businesses to grow and thrive.
“With Australia’s supply chain position at a critical juncture, a collaborative effort is required from government, business and indeed the broader community. Our fund is addressing a failure in the market whereby Australian SMEs lack the growth capital, capabilities and connections needed to achieve scale” Anthony Healy commented.
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