COVID-19 Support for Indigenous Businesses

Indigenous Business Australia is offering an Indigenous business relief package for eligible Indigenous businesses who have been impacted by COVID-19, including Indigenous businesses 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.

For businesses that are existing International Business Australia customers and are significantly impacted by COVID-19, they are offering 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 all eligible indigenous businesses, including those not already existing customers, they are offering two programs:

Business Impact Assessment

Access to specialist advice to navigate the COVID-19 crisis, including a rapid assessment of your business positioning, cash flow management and assistance to access available stimulus measures from Federal, State/Territories.

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 one or both of the following:

• 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.

They have also partnered with Terri Janke & Co and 33 Creative to produce a 4-part video series on managing your business during the COVID-19 pandemic.  Topics include employer obligations, financial responsibilities, managing contracts and insolvency trading. Their COVID-19 Information Videos are available on Youtube.