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Minister Scullion: Reappointment of Chair of Indigenous Business Australia

8 Dec 2017

The Commonwealth Government has reappointed the Chair of Indigenous Business Australia (IBA), Mr Edward (Eddie) Fry, a Dagoman-Wardaman man from the Katherine region, for an additional four year term.

Minister for Indigenous Affairs, Nigel Scullion, congratulated Mr Fry on his reappointment and said he looks forward to working with IBA to support the economic aspirations of Aboriginal and Torres Strait Islander Australians.

“IBA is an iconic organisation that works with Aboriginal and Torres Strait Islander Australians interested in starting a small business or owning their own home”, Minister Scullion said.

“Eddie was appointed in 2014 and has done a remarkable job leading the organisation through a period of transition after years of underperformance. Eddie’s extensive commercial experience in business and the resources sector has been pivotal in this turnaround for IBA.

“Under Eddie’s tenure, IBA has been opened back up for business. I encourage all those who may not have had a good experience with IBA to get back in contact  and work with them on a tailored solution.

“This financial year, IBA is looking to invest more than $300 million into Aboriginal and Torres Strait Islander communities through home lending, small business support and investments.”

“IBA is writing record numbers of home loans with 455 home loans already approved for the financial year to date, against its full year target of 580 loans, almost exclusively to low income earners and first home buyers.

“In their Business Development and Assistance program, IBA’s focus has turned to Indigenous entrepreneurs and start-ups with more intense needs and they are currently exceeding their targets.

“IBA is innovating. It now offers a suite of solutions for Indigenous businesses and entrepreneurs, including a new start-up package where up to 30 per cent of the loan will be awarded as a grant to help with capital expenditure; loans linked to contracts awarded under the Indigenous Procurement Policy; cash flow finance; and accelerator programs delivered in partnership with the private sector.

“In addition, IBA goes further than provide money, with over 280 Indigenous entrepreneurs and business owners accessing business support in areas such as marketing, business planning and management for the financial year to date.

“These initiatives play an important role supporting the delivery of the Coalition Government’s Indigenous Business Sector Strategy and Indigenous Procurement Policy.

“Through its Investment division, IBA has also recently launched an Expression of Interest for new investment opportunities under its $50 million Indigenous Investment Partnerships initiative.

“I am also pleased to announce current Directors, Mr Richard Allert AO and Ms Shirley McPherson have also been reappointed for further four year terms.

“Both have significant experience in the business and finance industries and are strong voices in advocating for First Australians on the national and international stage.

Mr Fry has been the Chair of IBA since December 2014 and is also the Chair of the Indigenous Land Corporation.

“It’s a privilege to continue to Chair IBA. I thank the Minister for his confidence and look forward to working with the Board and management team to continue to expand IBA’s impact and reach”, Mr Fry said.

Find out more

Visit the Minister's website to view the original media release.

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