Indigenous Business Australia (IBA) has launched two new products to assist Indigenous Australians to start up and succeed in business.
These new products are a Start-Up Finance Package and a Procurement Loan that complement IBA’s standard business loan and asset leasing offerings.
IBA General Manager, Enterprises, Wally Tallis said the new products were developed from ongoing engagement with Indigenous businesses and a first-hand understanding of our customer’s needs and aspirations.
‘This reflects our continued efforts to ensure Aboriginal and Torres Strait Islander people are supported with a suite of products to access, to start and succeed in business – to help make their ideas a reality.
The Start-Up Finance Package will help a new business get off the ground with up to 30% of a new business loan awarded as a grant.
The finance package can be up to $100,000 with a maximum loan term of seven years with loan repayments to be structured to suit the purpose and cash flow of the business.
The grant component can be used to cover capital expenditure items. This package is targeted specifically at SME start-ups trading for less than one year and with less than $400,000 in annual turnover.
The Procurement Loan is available for customers who have been awarded a contract through the Indigenous Procurement Policy (IPP) or another government program (including sub-contracting to a tier one entity) to help meet up front contract costs.
The product has a maximum two year loan term for loans up to $100,000 and repayments aligned with the contract opportunity that enables customers to fulfil contract obligations before receiving payment from government.
‘These two products are pilot offers with a specific allocated budget available until 30 June 2017’, Mr Tallis concluded.
Media contact: Daniel Hughes 02 6110 2731 or [email protected]