The Australian Bureau of Statistics’ national needle exchange is one of a handful of businesses that has been able to use the financial help to invest in a new product.
The needle exchange was created by an Australian business called B.E.C.S. to help businesses pay for a product or service.
The business was founded in the 1980s and was able to secure $400,000 in funding from the federal government’s National Innovation Fund in 2015.
“We were able to get a loan from the National Innovation Grant, and that loan is now worth about $400 million,” Mr Fenton said.
“And so we have a lot of support from the NIG to help us to continue to invest and develop.”
Mr Fenton says it’s not just the financial assistance that has allowed the business to expand.
“It’s really about people in Australia who have the same values and aspirations and who are willing to take risks to create jobs and contribute to our country’s economic growth,” he said.
The B.C.-based needle exchange, which is also called BECS, has a focus on helping those in the community who can’t afford to purchase a new or refurbished product.
Mr Fiddens says that helps to offset the losses of people who don’t have the money to purchase the product.
“If you’ve got a little bit of cash, you’re able to purchase this, this and this,” he explained.
“So that’s a really good thing.
If you’ve lost some money to something, that’s probably not going to help you with that.”
The Australian Business Exchange, which provides a financial service to people in the US and other countries, is another of the companies to have benefitted from the needle-exchange boom.
The Australian business exchange offers a loan and investment opportunities for businesses and individuals, as well as an opportunity to receive an income tax deduction, which it charges.
“When you’re looking at this in Australia, it’s really important for us to get the needle in the system, and it’s an opportunity for us,” said Dr Scott Murray, head of Australian Businesses Australia.
“The Australian community really is looking to our businesses to invest to build and grow their businesses and we need them to do that.”
That’s why the Australian Business Exchanges are a really important thing to our economy.