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BANKS URGED TO BACK ABORIGINAL BUSINESS

Posted by PeterLain 
BANKS URGED TO BACK ABORIGINAL BUSINESS
March 27, 2012 08:38AM
BANKS URGED TO BACK ABORIGINAL BUSINESS
[www.theaustralian.com.au]

by: Patricia Karvelas
From: The Australian
March 27, 2012 12:00AM


IN a bid to dramatically increase the number and size of loans given to Aborigines to start businesses, Indigenous Business Australia is in alliance talks with the major banks.

IBA chief executive Chris Fry said demand for business loans was growing but more needed to be done to provide finance for Aboriginal people with solid business ideas.

"IBA is in active discussion with major banks to explore options for expanding product ranges and joint loan options with Australia's major banks that have indigenous lending products, which can be enhanced by IBA's Business Support service," Mr Fry told The Australian.

"We've got more indigenous families into home ownership by working jointly with commercial banks. It makes IBA's money go further.

"We want to look at opportunities to extend this approach to business financing because it improves access for our clients to mainstream business finance products and services."

Mr Fry said IBA's existing clients were building businesses with a survival rate of at least the same rates as mainstream start-up businesses.

"Each successful venture helps to build indigenous wealth," he said. "This is evidenced by our business survival rates on start-up business, being 90 per cent, 80 per cent and 71 per cent for clients we have funded over the past one, two and three years respectively.

"IBA's Split Home Loan is a loan offered to IBA customers who can obtain some of the loan funds required to complete a home purchase from a commercial lender.

"The IBA Split Loan meets the gap between the amount that the customer is able to borrow from the commercial lender and the purchase price".

He said IBA wanted to do the same thing with businesses now, moving it beyond home ownership.



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