Backing Black Business
The Australian Indigenous business sector has grown significantly in the past two decades with estimates suggesting there are currently more than 11,500 Indigenous businesses generating an annual economic contribution of approximately $8.8 billion in the 2020 financial year. These businesses employ thousands of Aboriginal and Torres Strait Islander people, and create opportunities and pathways to economic participation that might not otherwise have existed.
The Backing Black Business Report, commissioned by Generation One and written by PwC’s Indigenous Consulting, exposes the barriers faced by Indigenous businesses and Aboriginal and Torres Strait Islander entrepreneurs in accessing financial products and services. The Report lists seven concepts that would serve Aboriginal and Torres Strait Islander entrepreneurs to grow and scale their businesses and, in turn, allow them to hire more Indigenous Australians.
Australia’s Indigenous business sector has enormous potential for growth, but its ambition is curtailed by the continued impact of financial exclusion.
Report Recommendations
A low or no-interest loan product of up to $200,000 with non-traditional lending criteria.
The establishment of an Indigenous-owned and led ‘patient’ capital investment fund.
The establishment of a First Nations Bank of Australia.
A conference of Aboriginal and Torres Strait Islander business leaders.
The establishment of a trading platform to facilitate the sale and purchase of shares in Indigenous businesses.
A business advisory and support service for Indigenous businesses.
Further investment in cultural awareness education for mainstream finance providers.
