Indigenous Business Australia (IBA) is a commercially focused organisation that promotes and encourages self-management, self-sufficiency and economic independence for Aboriginal and Torres Strait Islander peoples. It provides the means for Indigenous Australians to create wealth and accumulate assets, take up mainstream investment opportunities, develop business enterprises that provide additional employment opportunities, and purchase homes.
IBA's vision is for a nation in which the First Australians are economically independent and an integral part of the economy.
The purposes of IBA, as set out in the Aboriginal and Torres Strait Islander Act 2005 under which Indigenous Business Australia is established, are to:
- assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency, and
- advance the commercial and economic interests of Aboriginal persons and Torres Strait Islanders by accumulating and using a substantial capital asset for the benefit of the Aboriginal and Torres Strait Islander peoples.
IBA is an integral partner within the Australian Government's Indigenous Economic Development Strategy, which seeks to close the gap between Indigenous Australians and other Australians' standard of living.
The IBA objective is to provide quality leadership in facilitating and enabling Aboriginal and Torres Strait Islander engagement in the wider economy. It identifies and pursues opportunities that enable Indigenous Australians to create wealth, accumulate assets and achieve their financial aspirations.
It does this by building mutually respectful and responsible partnerships with Indigenous Australians, government agencies, private sector business and industry to facilitate:
- home ownership
- business ownership, and
- wealth creating partnerships.
IBA Homes provides a variety of home loan solutions to increase the level of Aboriginal and Torres Strait Islander home ownership, on both conventional freehold blocks and community titled lands. IBA provides competitive housing loans to Aboriginal and Torres Strait Islander peoples to buy homes in the general residential housing market and gives people living on community owned land access to loans to buy homes on that land. IBA Homes clients are encouraged to consider transition to mainstream financial services, where available throughout their loan cycle.
IBA Enterprises supports emerging small business opportunities owned and operated by Aboriginal and Torres Strait Islander peoples. IBA Enterprises provides access to business loans for commercially viable proposals, where private sector financiers are unable or unwilling to support the proposal. It provides access to business professionals, mentors and coaches to improve the success rate of the small businesses in the longer term. It also supports the cost of research to improve knowledge on regional economic circumstances which would impact on small business viability.
IBA Investments helps Aboriginal and Torres Strait Islander groups and communities to participate in commercial enterprises through investments with IBA and the private sector, or solely with IBA. It does this by investing with Aboriginal and Torres Strait Islander partners, in commercially viable opportunities with the potential to produce sustainable economic results, by generating revenue streams, acquiring capital and developing skills.
For more information see the website of Indigenous Business Australia