MAKING FAMILIES AND COMMUNITIES STRONG THOUGH SMALL BUSINESS

Making Families and Communities Strong Through Small Business Mara West, Honours Thesis, Murdoch University, 2007ocan give them work placements and ongoing employment oncethey finish their studies.Wage assistance - provides a subsidy to employers of up to$4,400 for employing Indigenous job seekers and can help thebusiness cover costs such as recruitment, wages, uniforms ortraining.The Indigenous Capital Assistance Scheme was administered byDEWR has now transferred to the IBA. The scheme givesIndigenous business access to commercial finance and professionalmentoring support through a participating financial institution.2.3.4. Indigenous Business Australia (IBA) was established by theAboriginal and Torres Strait Islander Commission Amendment Act2001, which came into effect on 17 April 2001. It extended the role ofthe former Aboriginal and Torres Strait Commercial DevelopmentCorporation(CDC)to assist and enhance Indigenous peoples’ economic advancement,through facilitating Indigenous involvement in sound commercialventures. Under the enabling legislation, the Act requires the IBAengage in commercial activities.With the passage of the Aboriginal and Torres Strait Islander Act 2005in March 2005, IBA ’s responsibilities were expanded to include twonew programs: home loans and business loans together with businessdevelopment assistance. This has seen the development of theBusiness Development Program that provides concessional businessloans and in some cases business grants. It meets the costs ofassessment of loan applications, the provision of aftercare to borrowersand mentoring for Indigenous people in business. It also supports thecost of research to improve knowledge on regional economiccircumstances that would impact on small business viability.The IBA presented the following information of their 2005-06 activity atthe First Nations Economic Opportunities Conference 2006 in Sydney;86 loans were approved totalling $17.30 million,446 active loans with a value of $46.3 million,47 economic development initiatives totalling $5.50 million whichresults in 677 Indigenous people undertaking business developmentloans,1671 new enquiries for business development loans, andbusiness support provided to clients totalling $4.20 million.(Powerpoint presentation to FNEOC)IBA is a partner to the Australian Governments Indigenous EconomicDevelopment Strategy. This involves working closely with the localsector and community groups to foster economic independence as wellas home ownership.21