Indigenous Business Australia (IBA) will provide 35 start-up packages of up to $100,000 following a ground breaking year.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The organisation creating economic independence for Indigenous people has invested or lent over $400 million in capital across its housing, business and investments divisions over the 2017-18 period.
Minister for Indigenous Affairs, Nigel Scullion announced the result as part of part of Indigenous Business Month.
“2017-18 has been a remarkable year for IBA. It has written almost double the home loans it normally provides and has supported more Indigenous businesses than ever before,” Minister Scullion said.
“In 2016, we made an election commitment to work with IBA to refocus its operations to be more client-focused and outcomes-driven, and thanks to the hard work of the organisation and in particular the Chair, Mr Eddie Fry, it has been a record-breaking year.
“To build on this momentum, we are investing an additional $3 million into IBA to roll-out business loans and supports to Indigenous entrepreneurs in remote Northern Territory communities where the barriers to entry can be the highest but the impact the most significant,” he said.
IBA director and Yamatji and Noongar woman, Shirley McPherson welcomed the new initiative.
“Having worked with many remote communities, I have seen first-hand how difficult it can be to start a small business in these areas. Too many people have great ideas that can lift themselves and their communities out of poverty but just need a helping hand,” Ms McPherson said.
“With this investment, an additional 35 remote Indigenous businesses will receive start-up packages consisting of tailored grants, loans or leases of up to $100,000, along with ongoing assistance in business management to support business growth.
“These Start-up Grant Loan Packages will support the growth of remote Indigenous businesses in the Northern Territory, and will focus on start-ups in Aboriginal Land Rights Areas, Community Living Areas and Native Title areas,” she said.
IBA’s funding for start-ups in the Northern Territory started this year in June and will run until June 30 2019
The project will ensure delivery of tailored assistance and capital to customers with a focus on early stage pre-bank customers.
The types of assistance include:
- A start-up grant loan package, which is a capital mix of low interest loans and grants up to combine value of $100,000.
- A leasing grant package with a mix of low interest and grants up to a combine value of $100,000.
- A loan, lease and grant package with is a capital mix of low interest lease, low interest loans and grants up to a combined value of $100,000.
- Ongoing business management activities to support customer business growth.
For more information about applying for the start-up packages head to the IBA website here.
While you're with us, you can now receive updates straight to your inbox each Friday at 6am from the Katherine Times. To make sure you're up to date with all the news, sign up here.
What else is making the news?