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Business Finance

Through its Business Development and Assistance Program, Indigenous Business Australia (IBA) assists Indigenous Australians to establish, acquire and grow small to medium businesses.

In addition to its Business Support services, IBA also provides business finance to eligible applicants who satisfy its lending guidelines. Applicants must be able to demonstrate the commercial viability of their business proposal and their capacity to operate the business successfully.

Features of an IBA business loan:

  • Loans are offered on commercial lending terms similar to a bank, except at a discounted interested rate (subject to conditions).
  • Approved loan clients are provided with expert business support and advice for at least six months after the loan is funded.
  • Loan clients have access to a dedicated IBA loan manager through their local IBA office.

Next steps

Step One – Have a conversation
Step Two – Gather the required information
Step Three – Processing of loan documents
Step Four – Settlement
Step Five – Ongoing support

Step One – Have a conversation

If you are considering applying for a business loan please read and take note of the eligibility requirements, and then phone us and follow the prompts to discuss your business objectives with one of our staff. If IBA is satisfied that you and your business meet its eligibility criteria, you will be sent a business loan application form to complete.

Step Two – Gather the required information

A formal application for a business loan will require submission of the following information:

  • a completed business loan application form.
  • business financial statements for the past three years (where applicable) including the latest available profit and loss statements, balance sheets and tax returns.
  • a business plan (if not already being prepared by a business consultant through IBA’s Business Support services).
  • copies of statements of all your bank accounts for the past 12 months.
  • copies of your last two years personal income tax assessment notice.
  • copy of the purchase contract(s), titles and particulars relevant to your business.
  • proof of ownership for all assets offered as security and equity.
  • rates notice for household property if offered as security.
  • copy of lease on business premises (where appropriate).
  • copies of your latest credit card and loan statements (six months minimum) and any other document relating to any debt or liability that you may have.

IBA will usually advise you of the progress and/or outcome of your loan application within ten days of receiving all documentation.

Step Three – Processing of loan documents

If your business loan is approved, you will receive a set of loan documents from IBA within approximately two working days of all details being advised to us. Loan documents cover all the terms and conditions of the loan. Prior to accepting these terms and conditions you are required to seek and receive legal advice from a solicitor. This is to ensure that you are fully informed about the loan conditions, and the rights and obligations of all parties.

Step Four – Settlement

After the signed documents have been returned to IBA, and any applicable pre-settlement conditions have been completed, IBA will settle the loan in accordance with your (or your solicitor’s) written instructions.

Step Five – Ongoing support

After the loan settlement process is complete, your designated business loan manager will stay in close contact with you and will be available to discuss your ongoing business needs with you.

In some circumstances, IBA may also provide professional advice, mentoring and training in managing and operating a business for a period of up to six months from loan commencement.

For more information

Find out more about the Business Development and Assistance Program through:

IBA suggests you visit business.gov.au (external website, new window) for up-to-date small business information. This valuable, whole-of-government resource offers simple and convenient access to the information, forms and services you need to plan, start and grow your business.