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Business Ownership

Owning your own business can mean hard work, long hours and financial risk. But it can also provide many personally rewarding experiences, and the opportunity to create a source of financial security for yourself and your family.Many Australians have created successful businesses out of things they are passionate about. You too are more likely to work hard to make your business a success if you are doing something that you really enjoy.

To get started, you need some relevant experience in your chosen industry, an idea of the products and services you will offer, and an understanding of your target market. The better developed your vocational and management skills are, the greater your likelihood of success.

Sandra Mcgregor and Peter Christophersen at work on their business, Kakadu Native Plants.

Sandra Mcgregor and Peter Christophersen at work on their business, Kakadu Native Plants.

Through its Business Development and Assistance Program, Indigenous Business Australia (IBA) assists eligible Indigenous Australians to establish, acquire and grow small to medium businesses, by providing business support services and business finance.

Eligibility

To be eligible to participate in the Business Development and Assistance Program:

  • you must be over 18 years of age
  • at least one applicant must be of Aboriginal and/or Torres Strait Islander descent
  • at least 50 per cent of the ownership of your business must be by a person(s) of Aboriginal and/or Torres Strait Islander descent. (View our current list of  Organisations confirming Aboriginal or Torres Strait Islander descent.)
  • it must be evident that you do not have the capacity to meet a business consultant’s costs from your own financial resources.

If you are interested in participating in this program, please phone us and follow the prompts to discuss your business idea with one of our staff.

What assistance is available?

Business support

IBA provides eligible prospective and existing business operators with financial assistance to access expert advice, and information and guidance on business related matters. Read more about Business Support.

Business finance

IBA provides business finance to eligible applicants who satisfy its lending criteria. Loans are generally provided on commercial lending terms similar to a bank, except at a discounted interested rate (subject to conditions). Read more about Business Finance.

Indigenous Entrepreneur Microenterprise Program

IBA has partnered with the National Australia Bank (NAB) to deliver the Indigenous Entrepreneur Microenterprise Program (IEMP) (external website, new window). This program provides:

  • up to $20,000 microfinance (through the NAB)
  • business advice, support and mentoring (through IBA)

to assist Indigenous entrepreneurs who have a sound small business idea, but limited financial resources.

IBA provides IEMP clients with business advice, support and mentoring through its national network of business consultants. This means new businesses receive the assistance they need during the crucial establishment period of their business, while forming an ongoing relationship with a major bank.

For more information

Find out more about the Business Development and Assistance Program by reading:

IBA suggests you visit business.gov.au (external website, new window) for up-to-date small business information and resources. This valuable, whole-of-government resource provides some of the  information, forms and services you may need to plan, start and grow your business, including business plan templates and information on applying for an ABN.