Up to $100,000 is available from Arts Business Innovation Fund to strengthen income generating and entrepreneurial capacity in arts and cultural businesses.
Arts Business Innovation Fund (ABIF)
The Arts Business Innovation Fund (ABIF) addresses the need to support innovation to strengthen income generating and entrepreneurial capacity in not-for-profit arts and cultural businesses.
The Arts Business Innovation Fund (ABIF) is one of six competitive funds within the Arts and Cultural Investment Framework.
ABIF is an initiative of the Queensland Government, through Arts Queensland (AQ) and Tim Fairfax Family Foundation (TFFF). ABIF has been developed in partnership with a consortium of three organisations: Foresters Group (Foresters), Positive Solutions, and QUT Creative Enterprise Australia (the Consortium).
The objective of the Arts Business Innovation Fund is to strengthen not-for-profit arts businesses financially and operationally by responding to innovative business ideas that will achieve an organisation’s mission into the future.
Outcomes for arts organisations will include:
- new and more resilient business models
- diversification of income streams
- access to new markets
- access to new finance and funding streams
- better capitalisation.
Outcomes for government and Queensland will include:
- a pool of funds that can be re-invested
- increased value and return on government investment
The Fund is offered as a flexible combined grant and zero interest loan offer.
The Fund is a $1 million pool of funds, with both the Queensland Government and the Tim Fairfax Family Foundation each contributing $500,000 to the fund. Loan funds are reinvested into the Fund for future investments.
The maximum amount of funding in an equal 50/50 combination of government grant and zero interest loan from the Arts Business Innovation Fund will be $100,000.
Arts Business Innovation Fund is a combined grant and zero interest loan offer. It will not issue grant-only funds.
To be considered eligible for ABIF, applicants must:
- have a registered and current Australian Business Number (ABN)
- be a Queensland based arts organisation, with head office in Queensland
- be a not-for-profit arts organisation
- have satisfied the requirements of any previous AQ funding
- have satisfied the requirements of any previous TFFF funding
- not be seeking investment for retrospective activity
- be able to demonstrate direct benefit to Queenslanders through arts and culture by delivering on Queensland Government objectives for the community.
- have deductible gift receipt (DGR) status Item 1
- not be in receipt of AQ funding as an AQ shareholder company or Arts Statutory Body
- not be a major performing arts organisation as recognised by the State and Federal governments
- not be state or federal government owned, including state government agencies
- not be a local government owned business or business unit, such as a gallery or performing arts venue, with a revenue greater than $10 million, and must demonstrate how the ABIF initiative is outside of its core business.
- not be a tertiary educational institution (arts and cultural businesses owned by tertiary educational nstitutions, such as an art gallery, are eligible to apply for ABIF, however a statement from an authorising officer of the institution must be provided to confirm the ABIF initiative is outside of core business and does not receive direct financial support from the tertiary institution).
Applications open on an ongoing basis.