The Morrison Government is pleased to announce Will Hodgman will be the inaugural Chair of the $540m Australian Business Growth Fund (BGF).
The Government is committing $100 million in funding to establish the BGF and partnering with other financial institutions to provide equity funding to small and medium-sized businesses (SMEs). The major banks being ANZ, CBA, NAB, and Westpac have each agreed to commit $100 million to the BGF. HSBC and Macquarie Group will each contribute $20 million.
Mr Hodgman served as the Premier of Tasmania, a position he held for six years and was elected a Member of the Tasmanian Parliament in 2002 after working in the law. His leadership and experience makes him the ideal candidate for the Chair of the BGF.
The BGF will ensure that SMEs have access to the capital they need to grow, fulfil their potential and continue to underpin Australian economic growth and employment.
Given the impact of the coronavirus on the Australian economy, the BGF will play an important role in supporting the recovery and investing in Australian businesses to create jobs and increase productivity.