IBA Start-up Finance Package
Under the IBA Start-up Finance Package, Indigenous Business Australia (IBA), is offering up to 30% of a new business loan as a grant (which doesn’t need to be repaid) for Indigenous start-up businesses.
Eligibility for the IBA Loans generally
In order to access funding form the IBA, your business must:
- have at least 50% Indigenous ownership or membership; or
- is an Aboriginal and Torres Strait Islander corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006; and
- carries on a business for profit; and
- has no more than 200 employees; and
- the Indigenous owner(s) of the Business are actively involved in the Business;
Eligibility for the IBA Start-up Finance Package
Key eligibility criteria for the IBA Start-up Finance Package include being a SME start-up operating less than 2 years with a turnover less than $400,000 with a commercially viable business model.
Note the grant component can only be used to cover capital expenditure items such as; plant and equipment, fit-out costs and commercial assets.
Key Terms of the IBA Start-up Finance Package
Loans are available up to $150,000 with flexible repayment options (initial interest only period, monthly principal and interest, and balloon payments).
Maximum loan term is 7 years with minimum security requirements of general security agreement, director’s guarantee and specific security agreement over plant and equipment (where applicable).
Other IBA assistance
As well as a number of different funding options, IBA also offers eligible businesses access to a range of free workshops and other business support. This includes Business Loans and Invoice Finance
Learn More
To learn more about the IBA Start-up Finance Package click here
Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.
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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052
