Indigenous Business Australia (IBA) and the National Indigenous Australians Agency (NIAA) have developed a new support package for Indigenous businesses who have been impacted by the crisis, including non-IBA customers.
The package includes:
- Access to specialist advice: to help navigate the COVID-19 crisis IBA can provide access to specialist advice such as a rapid assessment of business positioning, cashflow management and assistance to access available stimulus measures.
- Working capital assistance: where an Indigenous business is not eligible for other government stimulus packages, it can apply for working capital assistance of up to $100,000 via a loan/grant package (assessed on a needs basis), which will consist of:
- A grant of up to 50% of the package amount;
- For the loan component, up to 36 months loan term, zero repayments for the first 12 months, and preferential interest rates thereafter.
Up to $50 million in assistance is being provided through these initiatives. These measures follow earlier relief announced by IBA for its customers.
This includes a waiver of interest and deferral of loan repayments for business loan and equipment leasing customers impacted by the current COVID-19 crisis for an initial 4-month period, a reduction in our interest rates for all IBA home loan customers for an initial period of 6 months, as well as deferral of repayments for home loan customers in hardship.
To find out more visit the IBA website.