Indigenous Capital Assistance Scheme
Westpac is proud to be in partnership with the Department of Employment and Workplace Relations to offer eligible Indigenous businesses financial and advisory support.
Key features of the scheme:
- Available nationwide
- Finance from $50,000 to $500,000 with subsidised interest for the first three years
- Reimbursement of loan establishment/documentation fees (up to $820)
- Provision of business advisory and mentoring services to assist in the development of a business
- Reimbursement of fees for professional services purchased from accredited and registered accountants, lawyers, tax advisers and training from a registered training organisation
What types of finance are available under the scheme?
Westpac offers the following solutions to meet the different financing needs of Indigenous businesses.Business Overdraft
An overdraft can be used to smooth out fluctuations in cash flow, with easy access to a revolving line of credit.Business Loan
If you're looking to borrow a set amount with repayments over a term of up to 25 years we offer a choice of variable or fixed interest rates.Equipment Finance
Rather than draining your capital base or placing a burden on your cashflow, have the equipment you need now with a finance agreement structured to suit your cash flow.
Am I eligible to apply?
To apply for the scheme, you must:- Have an ABN
- Be at least 51% Indigenous Australian owned (for companies this refers to shareholders), or for a partnership of two people, have at least one partner who is an Indigenous Australian.
- Have at least 50% Indigenous Australian employees
- Utilise funds for the establishment of a new business, expansion or acquisition of an existing business that will lead to an increase in Indigenous employment
- Conduct a lawful business in accordance with the Indigenous Capital Assistance Scheme guidelines and is culturally or socially appropriate in the relevant local community
- Not be insolvent or in undischarged bankruptcy
- Have total business debt liabilities (including Indigenous Capital Assistance Scheme finance) that do not exceed $500,000 at any one time.
For more information
Visit a participating Westpac branch or call the Indigenous Employment hotline on 1802 102.
