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Indigenous Business Australia (IBA) and National Australia Bank (NAB) have signed a Memorandum of Understanding (MoU) to collaborate on the design and development of an Indigenous Business Guarantee.
The guarantee will enable IBA and NAB to support more Indigenous business customers to access capital through access to NAB’s specialist bankers and commercial lending solutions.
The MoU also outlines how IBA and NAB will work together to provide Indigenous businesses with access to mainstream banking services and improve financial education and training for Indigenous business owners.
Noel Prakash, NAB Executive, Indigenous Business Banking, believes NAB’s business banking strength can support First Nations business growth.
“Businesses play an integral role in strengthening First Nations leadership and creating opportunities for communities to succeed. First Nations businesses are leading the charge by driving self-determination, and rapidly improving financial capability and inclusion.
“Working with First Nations people, we want to strengthen financial resilience, increase business and employment opportunities, and remove the barriers that have traditionally made it hard for First Nations customers and businesses to access financial services.
“NAB has set a new target to more than double our lending to First Nations businesses and community organisations to at least $1 billion over the next three years.”
IBA’s CEO Kirsty Moore leads the Commonwealth entity with a vision for a nation in which Aboriginal and Torres Strait Islander people are economically independent and an integral part of the economy.
“IBA exists to enhance and support the economic development opportunities of Aboriginal and Torres Strait Islander people across Australia. This collaboration with NAB serves to broaden IBA’s impact within the business sector.
“The growth of the First Nations business sector is incredibly exciting. With over 65,000 years of existence, they bring a wealth of knowledge and innovation as our original entrepreneurs.
“Aligned with the recent 2023 Indigenous Business Month theme, ‘To Gather, Together’, the collaboration with NAB works to bring resources together that benefit our First Nations businesses and we look forward to seeing this sector grow.”
IBA media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
NAB media contact: NAB media team (03) 7025 5015 or nab.media@nab.com.au
Image includes: Faysal Fassi, Executive Director, Products & Services, IBA (front left); Andrew Irvine, Group Executive, Business & Private Banking, NAB (front right); Sean Armistead, Executive Director, People & External Relations, IBA (back left); and Noel Prakash, Executive, Indigenous Business Banking, NAB (back right). Image by Indigenous creative agency, Little Rocket.
About IBA: IBA is a commercially focused organisation. Economic independence for Aboriginal and Torres Strait Islander peoples is at the heart of what we do. Our programs assist Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA is established under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). IBA resides in the portfolio of the Prime Minister and Cabinet and is accountable to the Australian Parliament through the Minister for Indigenous Australians, the Hon Linda Burney MP.
About NAB: National Australia Bank (NAB) is a financial services institution. We’re here to serve customers well and help our communities prosper. Today, we have more than 34,000 people serving eight million customers at more than 900 locations. As Australia’s largest business bank, our business experts work with small, medium and large businesses to help them grow. National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686
