First development fund launched for Australian co-ops
CANBERRA-The Business Council of Co-operatives and Mutuals [BCCM] days ago launched the first co-op development fund to provide Australian cooperatives with legal, financial and governance advice, according to news agencies in that country.
BCCM says the Bunya Fund was developed in partnership with its members to address “the critical gap in accessing professional advice and education on the co-operative business model which has resulted in a lack of diversity in Australian social enterprise business models”.
The fund will support up to five prospective or early-stage co-ops or mutuals by providing capacity building, education and advisory services, valued at between AU$ 5,000 and AU$ 25,000. Eligible organisations are for-profit, not-for-profit or charitable co-operatives and mutuals, or other enterprises looking to convert to a co-operative or mutual.
Founding funders include Bank Australia, Australian Unity, Co-operative Bulk Handling [CBH] and CoPower, with AU$ 140,000 raised in the first year; this is expected to grow to a AU$ 500,000 per-year fund “to help grow the next generation of high impact co-ops and mutuals”.
Melina Morrison, CEO of BCCM, said: “These enterprises operate across Australian society from sustainable agriculture, affordable housing, renewable energy and social care to community banking, community-owned retail, Indigenous services and arts and culture.
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