THE gala fundraising event for the flood-affected business community may have been held weeks ago, but money for the Bundaberg Business Flood Appeal has continued to flow in.

While funds raised on the night totalled just over $100,000, other donations have brought the total to an impressive $120,000.

About 500 people attended the event at the Civic Centre on January 19, with food, music and items for a silent auction all donated.

Now the money has been raised, Steve Nassios, Daryl Corpe, Michael Waters, Peter Petersen and Neil McPhillips have formed a panel to decide the best way to spend the funds.

Group chairman Mr Nassios said the group had met late last week to discuss the best way to use the cash to help businesses in the Bundaberg region.

“We are interested in distributing the funds in a manner that benefits our region and associated businesses in both the short term and long term,” Mr Nassios said.

“We agreed that while the funds raised of up to $120,000 were significant, the reality is it is a very small amount, compared to the damage bill caused by the floods.”

The panel agreed that individual handouts to affected businesses was not a viable option.

“With 130 businesses directly affected and countless more indirectly affected, a cash handout would not make a significant contribution to the long-term viability of this region,” he said.

The panel is now making appointments with government and industry bodies to leverage the funds raised to ensure the benefits that come back to the community are maximised.