Support for Indigenous Businesses impacted by COVID-19

Support for Indigenous Businesses impacted by COVID-19

Posted 25 February 2021

Since April 2020 IBA has been offering a Business Relief Package for eligible Indigenous businesses impacted by COVID-19.

Changes have recently been made to our Business Relief Package which expands the offering, including increased working capital assistance of up to $200,000 via either a loan, a grant or a combination of both, expanded eligibility criteria as well as a free Business Impact Assessment.

Businesses who have previously received assistance may be eligible to apply again, under the increased offering.

For existing IBA customers
IBA customers who have a business loan product or equipment finance product through IBA and who have been significantly impacted by the COVID-19 pandemic, may be eligible to apply for the following assistance:

  • Deferral of business loan and lease repayments for a 4-month period, zero interest on business loans and leases for the 4-month deferral period and where necessary, extension of your loan term by 4 months (to accommodate the deferral period)

For Indigenous businesses
IBA is offering Indigenous business relief package for eligible Indigenous businesses who have been impacted by COVID-19, including Indigenous business which are not already IBA customers. This relief package has been designed in collaboration with the National Indigenous Australians Agency to respond to the immediate challenges Indigenous businesses are facing. This package includes:

  • Business Impact Assessment: Access to specialist advice to navigate the COVID-19 crisis, including a rapid assessment of your business positioning, cashflow management and assistance to access available stimulus measures from Federal, State/Territories, such as the Job Keeper Payment or the Boosting Cash Flow measures.
  • Working capital assistance: Working capital assistance of up to $200,000 in the form of either a loan, a grant or a combination of both (assessed on a needs basis), which may consist of:
    • A capped grant component to assist with ongoing fixed costs, purchase of equipment and generating revenue;
    • A loan to assist with working capital needs, with a term of up to 5 years, with no repayments for the first 12 months, and preferential interest rates; or
    • A combination of the above.

You can read more for further information or register your interest.