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
Indigenous Business Australia (IBA) and Northern Territory Indigenous Business Network (NTIBN) signed a Memorandum of Understanding (MoU) to collaborate and support Aboriginal and Torres Strait Islander businesses in the Northern Territory to achieve their economic goals and growth.
The MoU formalises the relationship between the two entities with key objectives including to enable Indigenous businesses in the NT to achieve their goals and aspirations, as well as providing access to capital and services.
The collaboration was made after the successful Aboriginal Economic Development Forum on Larrakia Country (Darwin). IBA supported this year’s forum through a Gold Sponsorship and co-hosted a Strong Women Strong Business breakfast.
NTIBN CEO Jerome Cubillo leads the peak body representing and advocating for Indigenous businesses in the Northern Territory.
“We are excited to partner with IBA. This announcement presents an opportunity to elevate the economic participation and social prosperity of Indigenous Territorians by encouraging, supporting, empowering, and building the capacity of our vibrant Indigenous business sector,” said Jerome.
“This partnership will enhance our ability to provide direct access to financial support that is largely unavailable in the mainstream banking and financial services sector.”
IBA CEO Kirsty Moore was on Larrakia Country this week meeting with NTIBN to discuss the importance of investing in the Northern Territory.
“IBA has been working with Northern Territory businesses and communities since we were established. This collaboration with NTIBN expands upon the strength of their established network and our broad ranges of services to further empower Aboriginal and Torres Strait Islander business growth in the area,” said Kirsty.
“Creating impact is about forming the right relationships and working with partners that know their communities and NTIBN is one of those partners. We look forward to further developing opportunities with them for Northern Territory businesses.”
[Interviews and images available upon request.]
Media contact: Tara Toohill 0427 011 938 or tara.toohill@iba.gov.au
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 NTIBN
The NTIBN has been operating in the Northern Territory for over ten years as a consortium and peak body representing Northern Territory based Indigenous businesses. The NTIBN are a business growth and advocacy services provider, creating opportunity between businesses, strengthening business sector capacity, and representing on issues affecting First Nations businesses in the Northern Territory. The NTIBN is 100% Indigenous owned and its mission is to increase the economic participation and social prosperity of Indigenous Australians by encouraging, supporting, empowering, and building the capacity of Indigenous businesses.
The Hon. Senator Malarndirri McCarthy, Assistant Minister for Indigenous Australians and Indigenous Health officially opens IBA’s new Darwin office.
We officially opened IBA's new Darwin office yesterday, a strategic move towards enhanced customer and stakeholder engagement in the region. The new location ensures that our customers have easier access to us and our services. It reinforces our commitment to fostering stronger connections with the community, businesses and stakeholders.
Joining us to open the office was Senator The Hon. Malarndirri McCarthy, Assistant Minister for Indigenous Australians and Indigenous Health and IBA CEO Kirsty Moore.
“It’s not easy to talk about finances. It’s not easy talk about your hopes and dreams. So it’s great that IBA has a space where people can come in and do that,” says Senator McCarthy.
“I want to say with a lot of encouragement that the work IBA is doing will be critical in 2024 and will go a long way to assisting economic development and the ability for First Nations people to have wealth creation and financial self-sufficiency.”
IBA CEO Kirsty Moore says the new Darwin location reinforces IBA’s commitment to providing easier access to our services and engaging more deeply with the local community.
“We look forward to strengthening our connections and contributing to the growth of the Darwin business landscape,” said Kirsty.
Has your home or business been impacted by fire in NSW or QLD?
If you have an IBA home loan or business finance product and have been impacted by fire damage, we want to reassure you and your family that IBA is here in times of need.
Customers impacted by the recent natural disasters can apply for an emergency natural disaster relief grant – $5,000 for IBA business finance customers and/or $2,000 for IBA home loan customers.
All eligible customers should have received a direct link via SMS or email with information about how to apply. Applications accepted until midnight 15 January 2024, or until funds are exhausted (whichever comes first).
Additional information and resource links are below:
Media release by the Northern Territory Government announces the launch of the NT Aboriginal Tourism Accelerator program. Content reproduced in full below with application links available until the closing date on 1 December 2023.
The Territory Labor Government has announced a new partnership with Indigenous Business Australia (IBA) to bolster the Northern Territory’s Aboriginal tourism experiences.
The NT Aboriginal Tourism Accelerator program is a specialist business program delivered by IBA to support Aboriginal entrepreneurs create and grow strong and sustainable tourism businesses.
Announced today at the second annual Northern Territory Aboriginal Tourism Forum held in Alice Springs, the NT Aboriginal Tourism Accelerator program is open to Aboriginal Territorians and NT based Aboriginal businesses and organisations (greater than 50% Aboriginal owned).
Participants will undertake formal training, learn practical skills and have access to advisors, coaches and networks.
Applications open today and close 1 December with the program commencing in 2024. To find out more and apply head to iba.gov.au/ntaccelerator
More than 100 participants attended today’s NT Aboriginal Tourism forum in Alice Springs, which celebrates the NT’s Aboriginal tourism sector and provides an opportunity to share knowledge and experiences as well as network with other Aboriginal entrepreneurs, industry and government.
Quotes from Minister for Tourism and Hospitality Joel Bowden:
“The NT Aboriginal Tourism Accelerator Program is another example of the Territory Labor Government’s commitment to the growth and development of the Aboriginal tourism industry and building an Aboriginal workforce.
“The Northern Territory is a premier destination for authentic Aboriginal tourism experiences, visitors to the NT have an unparalleled opportunity to immerse themselves in authentic stories, artworks and history spanning more than 60,000 years.
“We’re thrilled to partner with Indigenous Business Australia who have an excellent track record in delivering successful accelerator programs and supporting Aboriginal business development, and look forward to seeing new and innovative business ideas come from the program.”
Quotes from Arrernte woman Stella de Cos, Director, Community & Customer Experience, Indigenous Business Australia (IBA):
“The NT Aboriginal Tourism Accelerator Program is more than just a program; it’s about empowering our First Nations entrepreneurs, fostering innovation, and preserving our deep cultural heritage that is infused in the land, sea and sky of this country.”
“Expanding the opportunities for our Aboriginal businesses to share culture and country with the rest of the world is ultimately a success for everyone involved.”
“Our people are the original and ongoing custodians of this land, and the deep understanding and knowledge they have is what makes these opportunities so important.”
Find out more about the NT Aboriginal Tourism Accelerator program and apply by 1 December 2023.
Our recent e-newsletter was an Indigenous Business Month special. Although we were bidding farewell to the month, we wanted one last chance to celebrate all things Indigenous business.
The edition includes:
If you’d like a copy direct to your inbox every 3-4 months, you can subscribe to the newsletter here.
We’re wrapping up Indigenous Business Month in a grand way with an article by our Chairperson, Eddie Fry. He featured in Forbes Australia talking about the significant growth of the Indigenous business sector and its positive trend in the economic landscape of Australia.
The article titled, Gathering for prosperity: The thriving Indigenous business sector, covers:
“Returning to the theme, gathering together and seeking connections is at the heart of Aboriginal and Torres Strait Islander culture,” says Eddie.
“If we continue along this path of collaborating and unifying, the prosperity that lays ahead for us in the Aboriginal and Torres Strait Islander business sector, and the rest of Australia, cannot be understated.”
Read the full article here.
I grew up in the Northern Territory in a remote community which shaped my values and provided me with a lot of resilience. I am a very family orientated person and love to spend my spare time with family. I have quite a big family with four children and nine grand kids. I enjoy bush walking, photography, travelling, exploring, and going on adventures.
I am currently the Senior Program Officer for IBA’s Business Solutions Team in Cairns (Yidinji Country). My role involves a continuous improvement approach to identify opportunities and solutions during program/projects lifecycles, provide advice, training and support to internal Business Solutions staff, wider IBA networks and external customers.
For example, First Nations workshop attendees, organisations and facilitators, report on and monitor our KPIs to ensure our targets are on track and review quality standards along with considerable work on the systems and processes that support these projects.
I studied and went to school in Queensland. I attended James Cook University where I did a degree in Business. I have worked in several different places ranging from Federal and State Government to major banks and non-for-profit organisations.
Over the last five years I have been working in the Indigenous non-for-profit sector and was mainly based in Northern Territory and the Cape in far north Queensland. After a while I realised, I wanted to be closer to family and saw a position at IBA in Cairns open. I decided to take the chance and have been here for almost a year now.
I have always had a passion for family especially children, I believe to help children and families we must look at how we can help adults. When I lived in Northern Territory, I witnessed first-hand the impact of poverty, homelessness, and the discrimination against Aboriginal and Torres Strait Islander peoples.
My job allows me to support and create an impact within Aboriginal and Torres Strait Islander communities. It is creating and establishing action to encourage impact, physical action will get an outcome.
I grew up riding horses and always thought they were beautiful spirits, especially Arabian horses. They are such a fiery horse, that smell and look nice. They have such healing spirit, that I sometimes prefer them over people.
Has your home or business been impacted by fire in NSW or floods in Victoria?
If you have an IBA home loan or a business finance product with us, and have been impacted by cyclone damage, we want to reassure you and your family that IBA is here in times of need.
Our customers impacted by the recent natural disasters can apply for an emergency natural disaster relief grant – $5,000 for IBA business finance customers and/or $2,000 for IBA home loan customers.
All eligible customers should have received a direct link via SMS or email with information about how to apply. Applications must be received by 15 December 2023* and the relief package may be withdrawn prior to this date if funds are exhausted.
Additional information and resource links are below:
Apply for disaster relief for your business
Apply for disaster relief for your home
IBA’s communications intern and Wiradjuri woman, Zenae Powell, sat down for a yarn with Indigenous Business Month (IBM) co-founder, Dr Michelle Evans, about all things IBM – a month dedicated to celebrating Indigenous businesses, leaders and people within the sector. Michelle is an Associate Professor at Melbourne University and involved in many community-based actions that encourage and advance the great work of Aboriginal and Torres Strait Islander people in business.
IBM is in its ninth year since it was created back in 2015. Now going for nine years strong, IBM has created an impact within the Indigenous community, especially within the business sector, where Indigenous business, employment and leaders continue to grow.
We celebrate and showcase Indigenous business success, excellence, and leadership.
Each year we celebrate and flesh out what the sector values about Indigenous business. This is important because there is very little coverage in the mainstream of the diversity and excellence of the Indigenous business sector. We felt that raising the profile of the sector and telling those stories was so important, not only to raise awareness but also to encourage young people and those who were business hesitant to give it a go.
Next year is 10 years and we’ll be doing bigger and better things for that.
With IBM being held at the same time as the referendum, the inspiration for the theme this year was to recognise the importance of gathering together to support one another during this time. The theme touches on community, especially the community of Indigenous businesses, and the unity and support within First Nations communities.
We thought about how people would be feeling during this time and wanted a theme that would support them. The theme highlights the importance of connection and local safe space gatherings where Indigenous people within the business sector can support, uplift, and celebrate one another. This month showcases many amazing stories from Indigenous businesses and leaders.
The theme encourages people to gather, to seek solace and feedback, and to generate friendships and connections which are at the heart of Aboriginal and Torres Strait Islander culture, in that relational way of being and doing.
The aspiration of IBM is to continue to encourage Indigenous businesspeople to run their own events and for governments and corporates to cooperate and partner with Indigenous business leaders all over the country to support and showcase the events. It is a very democratic initiative where individuals and organisations can contribute by adding events, supporting local businesses, and staying informed with Indigenous leaders within the business sector.
IBM will continue for as long as we find it exciting and positive, as long as it remains as Indigenous business driven. It is the love of creating.
Dilin Duwa exists because of the Indigenous business sector. We have over 300 Indigenous entrepreneurs who have been through our programs. They are the stakeholders of the sector, to provide education through the Murra program and through our grad certificate in Indigenous business leadership. We also do a lot of research, and we get approached by Indigenous organisations to participate in research regarding Indigenous business.
Our work provides education, programs, and dialogue to regional communities, which has been in partnership with IBA. To build Indigenous business in regional parts of Australia, it is important to support and engage with Indigenous businesses and leaders on the ground. They’re the ones doing Blak coffees and who government and other partners like IBA or Supply Nation may go to.
Dilin Duwa’s work supports Indigenous businesses and their leaders to feel economically empowered. To create that shared language about what success is, and the role that Indigenous ecosystems and philosophies have in how First Nations people do business.
The impact of the snapshot thus far is about illuminating registered Indigenous businesses, and demonstrating how many people are employed, how much money is being generated and quantifying the significant contribution of Indigenous businesses to our economy each year.
This is the third year doing the snapshot, and it continues to build more insight into the Indigenous business sector as more and more Indigenous business registries participate.
The picture I used for the research was a spider’s web. During the winter, where I live, there are these intricate webs that grow, and then disappear, and new webs need to be built. I love that metaphor from country, which is kind of like the snapshot. This is what it looks like during the years, and it informs how we, and how policy, can help the shift, grow, and supercharge to create a different snapshot next time.
At the moment we have initiatives, programs and education, but there are so many more possibilities. The snapshot allows us to open up those possibilities and lays the foundation for the future development of the sector.
