Coles has launched a “Nurture Fund” to help small Australian food and grocery producers, farmers, and manufacturers to innovate and grow their business.
Through the Coles Nurture Fund, Coles will allocate $50 million over five years in grants and interest free loans to fund the development of new products, technologies, and processes.
John Durkan, MD of Coles, said the fund would be open to businesses with less than $25 million in annual revenue and 50 or fewer full-time employees.
“The Coles Nurture Fund is one way we can offer support and encouragement to small Australian businesses looking for assistance to take the next step in creating more productive and innovative ways of working,” Durkan said.
“Through investing in productivity driving activities we can not only provide better value to customers but also help set up small businesses to develop the products and platforms to expand their operations and, in some cases, export into global markets.
“Smart, energetic and agile small businesses can often be a launch pad for great product innovation and powerful new ideas on better ways of working,” Durkan said.
AusVeg deputy CEO, Andrew White, said the establishment of the Nurture Fund is a boost for the Australian vegetable and potato industries, as it will support small businesses in their efforts to remain competitive in an ever changing global marketplace.
“The fact that Coles, one of the biggest retailers in the country, is supporting local business innovation and development through such a substantial fund sends a strong message that it has confidence in the industry’s long-term viability and prosperity,” White said.
Small business entrepreneurs can submit requests for funds, along with their business plan, for review by the Coles Nurture Fund.
Application forms for the Coles Nurture Fund are available at www.coles.com.au/nurturefund and applications should be submitted to nurturefund@coles.com.au
