- Indigenous Business Australia (IBA), the Commonwealth agency responsible for building the wealth of Indigenous Australians has a record-breaking year.
- New $3 million injection for IBA to deliver business loans and supports for Indigenous entrepreneurs in Aboriginal Land Rights Areas, Community Living Areas and Native Title areas.
IBA has had its strongest year on record in 2017-18, having invested or lent over $400 million in capital across its housing, business and investments divisions.
The full year results, announced as part of Indigenous Business Month celebrations, show an extraordinary increase in IBA’s performance. 2017-18 highlights include:
- 913 home loans approved (almost double the 489 loans in 2015-16) valued at $312 million.
- 363 finance solutions to Indigenous business valued at $51 million.
- $49.2 million of co-investment with 27 Aboriginal and Torres Strait Islander organisations.
- Indigenous employment lifted from 36 per cent to 43 per cent across the IBA Group.
- Indigenous procurement lifted from $2.6 million to $7.85 million.
Minister for Indigenous Affairs, Nigel Scullion, and IBA Director, Shirley McPherson, announced the results today during a visit to Robertson Barracks in Darwin today with IBA business client and contractor at the barracks, Zancott Knight Facilities Management.
“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 had 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.
IBA director and Yamatji and Noongar woman, Shirley McPherson welcomed this 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 business 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.