The Brilliant Idea program was created by Lighthouse Business Innovation Centre together with the ACT Government through the ACT Office for Women in 2010. This exciting initiative includes peer support and mentorship to complement the financial assistance of the ACT Government to women on low-incomes for business ideas and development through no-interest loans. There are a minimum of 10 loans per year available each year. In 2011, a growth support loan was added to the program through sponsorship from Soroptimist International of Canberra.
The ACT Women’s Microcredit Program through Brilliant Idea has been designed to support the objectives of the ACT Women’s Plan and the ACT Government’s commitment to advance the economic status of women in the Territory. The Program is directed at women on low incomes and aims to assist women into employment; reduce dependency on government benefits; and increase the financial security of participants. Nearly half of all impoverished families in the developing world depend on income generated by women. Women are responsible borrowers; they save diligently and use their income to benefit their families. Not only do Microcredit loans help women financially, but they also build discipline, responsibility, and self-confidence as they create their own businesses. The micro-credit program is complementary to the ACT Government 2007-08 budget initiative, the ACT Women’s Return to Work Grants Program.
According to the Australian Bureau of Statistics as at June 2004, there were 24,900 small business operators within the ACT. It is estimated that in June 2006 there were 1,646,344 small business operators in Australia of which 32% were operated by women.
Lighthouse welcomes women interested in a future in business whether or not interested in a loan.
Loan Eligibility
The ACT Women’s Microcredit Program assists entrepreneurs with small amounts of funding up to $3,000. Microcredit applicants must demonstrate a realistic market potential for their products or services and have the ability to repay the loan amount and meet the day-to-day operating needs of their business.
Women currently operating a small business or planning to start a small business are eligible if they meet the following criteria relating to the definition of low income:
Hold one or more of the following issued under the A New Tax System (Family Assistance) Act 1999 (Cth), Social Security Act 1991 (Cth) or Veterans’ Entitlement Act 1986 (Cth):
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Pensioner Concession Card or
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Health Care Card or
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Low Income Card or
They also need to have lived in the ACT for the past three months; and/or have a business based in the ACT.
What are the benefits?
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Time-limited, interest-free loans of up to $3,000 to help women set up or expand their business
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Ongoing mentoring and support through Lighthouse Business Innovation Centre to help get the business off the ground
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Access to free and at-cost networking events and educational seminars to grow contacts and increase skills
How to get involved
Loan application forms are available online and orientation sessions and workshops provide more information about the program as well as assist in determining the commercial viability of a business idea. Details of upcoming events and workshops are listed under Events. You can also find out more about the application process or contact a Client Manager.
