Australia’s first co-op development fund announces third successful round

01 July 2024

Australia’s industry-backed co-op development program, the Bunya Fund, has awarded more than $96,000 in the Fund’s third round to support early-stage co-operatives to grow and innovate.

The Business Council of Co-operatives and Mutuals (BCCM) is pleased to announce the five innovative co-op recipients of Round 3 funding from The Bunya Fund. The co-op sector backed fund is generously supported by BCCM members Australian Unity, Bank Australia, CBH Group and APS Benefits Group.

The Bunya Fund, launched in 2022, aims to foster the growth and development of the co-operative and mutual sector by providing seed funding for new and emerging co-operatives, as well as supporting established co-operatives in expanding their impact. It’s Australia’s first co-operative development fund.

BCCM CEO Melina Morrison said, “the impressive level of innovation among the Round 3 applicants showcases the vital role co-operatives play in addressing community needs and building sustainable local economies. Bunya Fund Manager, Antony McMullen said, “what’s also exciting is that this funding comes from well-established co-operatives and mutuals, demonstrating how impact is magnified when co-ops support other co-ops.”

The Round 3 recipients and their funded projects are:

1. Apulia Grove Olives: converting an olive grove and processing facility to community ownership.
2. Caboolture Community Work Co-operative Ltd: receiving business advice for a fledgling coffee shop enterprise at the Morayfield Health Hub, focusing on employing people living with cognitive disabilities.
3. Earthworker Cooperative Ltd: supporting the development of a member assembly to establish centralised business support services, particularly strategic accounting and financial management capacity.
4. GNP 360 Co-operative Ltd: Developing a detailed business plan and a masterplan to renovate a local community-owned hotel and re-establish it as a vibrant community hub.
5. The Rural Woman Co-operative Ltd: Establishing a co-operative for place-based community wealth building in Lightning Ridge, NSW.

These projects demonstrate the power of co-operatives to address diverse needs, from sustainable agriculture and disability employment to community revitalisation and women’s economic empowerment.

An independent impact report undertaken by Professor Emmanuel Josserand found the Bunya Fund had played a vital role nurturing the next generation of Australian high-impact co-operatives, providing much-needed industry information and support for community-led initiatives that drive innovation and sustainability in communities across Australia.

Discover more about The Bunya Fund and the BCCM, view Round 1 (2022) and Round 2 (2023) projects, or download The Bunya Fund Impact Report 2022–23.