Indigenous Business Australia – COVID-19 Support

What is the Indigenous Business Australia – COVID-19 Support?

The Indigenous Business Australia – COVID-19 Support is a program that provides Indigenous businesses with funding and specialist advice to help them recover from the impact of COVID-19.

Background

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

Indigenous Business Australia customers who have a business loan product or equipment finance product through Indigenous Business Australia and who have been significantly impacted by the COVID-19 pandemic, may be eligible to apply for the following assistance:

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)

Funding

The Indigenous Business Australia – COVID-19 Support includes:

access to specialist advice to navigate the COVID-19 crisis, including a rapid assessment of your business positioning, cashflow management and assistance to access available stimulus measures from Federal, State/Territories
working capital assistance of up to $200,000 via a loan/grant package (assessed on a needs basis), which may consist of:
- 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
- a combination of the above.

Eligibility

The program will be available for Indigenous businesses who have been impacted by COVID-19.

If you are an existing IBA customer and would like to see if you are eligible to apply for a loan deferral, please contact your Relationship Manager.

If you are an existing IBA or new to IBA customer and would like business support or to see if you are eligible to apply for working capital relief, please register your interest and IBA give you a call.

Timing

Applications open on an ongoing basis.

More Information

Source

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