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Increased support for growing Indigenous business sector
Following extensive consultation with Indigenous business owners, entrepreneurs, and business finance and advisory experts in 2016 and 2017, the Indigenous Business Sector Strategy has been released.
The Strategy is designed to support Indigenous business owners and entrepreneurs in a culturally relevant way.
The Strategy will be implemented across Australia, providing Indigenous Australians with better access to business support, capital, networks and information.
Under the Strategy, Indigenous business hubs will be set up around the country. The hubs will be places where Indigenous Australians can access business support, find out about commercial opportunities and build business networks.
From the consultation process, we know that access to capital is a significant issues for many Indigenous business owners. A pilot Indigenous Entrepreneurs Capital Scheme will be launched to unlock a wider range of finance and capital products for Indigenous businesses.
For Indigenous Australians new to business, microfinance is a great way to support more entrepreneurial activity and economic development. The microfinance currently available will be doubled with the Strategy targeting this support to young people and women, particularly in regional and remote locations.
To ensure the Strategy continues to adapt to the needs of Indigenous business owners, an Indigenous Implementation Advisory Group will be established to oversee the progress of the Strategy.
With the sector growing rapidly, and demand for goods and services provided by Indigenous-owned businesses increasing, the Strategy will provide support to the growing Indigenous economy.