Already have a business but need some help to grow? IBA is here to help.
A good first step to growing your business is to attend some of IBA’s workshops. These workshops have been created to help Aboriginal and Torres Strait Islander people start and grow their businesses, covering important topics including:
- getting into business
- women in business
- digital marketing
- legal matters
- joint ventures
- business growth.
You can find out more about all of these workshops and more in our resources section below. And if the workshop that you are interested in isn’t currently happening near you, let us know where you would like to see one.
Once your business idea becomes more established, IBA can work with you to understand your business goals, develop your ideas and identify what type of support your business may need to remain successful. Our Business Support team can also link you to other networks and resources to get you information and support to help you hit your goals and provide access to an external business consultant to provide your business with the following types of specialised support.
When you’re ready and have a solid business strategy and plan in place, IBA has a suite of financial products that can assist to make your business ideas become a reality. This could include access to:
- Start-Up Finance Package – designed to help new businesses get off the ground, this package can include up to 30% of a new business loan awarded as a grant. The loan amount can be up to $100,000 with a maximum loan term of seven years, with low-interest rates and flexible terms. Loan repayments will be structured to suit the purpose and cash flow of the business. The grant component is available to cover capital expenditure items. This package is targeted specifically at small to medium start-ups that have been trading for less than one year and with less than $400,000 in annual turnover.
- Procurement Loan – this loan is available for customers awarded a contract through the Indigenous Procurement Policy (IPP) or another government program (including sub-contracting to a tier one entity) to help meet upfront contract costs. The product has a maximum two-year loan term for loans up to $100,000 and repayments aligned with the contract opportunity. It enables customers to fulfil contract obligations before receiving payment from the government.
- Producer Offset Loan – designed to assist Indigenous owned production companies to finance eligible Australian documentary, film or television projects. Provided to complement investment from Screen Australia, any state government film-funding agency or broadcaster. If you’re an Indigenous producer or director, now your projects and stories can get the support they need.
- Business Loan Package – designed to assist you with working capital requirements, purchase of existing businesses, plant and equipment, and other commercial assets, so you can start planning your business future right now.
- Performance Bonds – if you are successful with a tender and the beneficiary requires you to provide a bank guarantee or bond for five per cent or more of the value of the contract, IBA may able to either issue the bond directly to the beneficiary, or provide the funds to a bank to issue a bank guarantee on your behalf.
- Invoice Finance – invoice finance provides businesses with revolving cash flow based on the value of credit sales or major contracts. IBA can provide invoice finance to assist Indigenous-owned businesses to take advantage of new contract or sales opportunities that may otherwise be out of reach.
Remember, before you get in touch with your local IBA Business Support officer, it’s a great idea to have some basic information ready about your business history, financials and future plans to assist us in helping you and providing you with the right advice.