NAB sets a new target to boost First Nations business sector
National Australia Bank (NAB) has announced a new ambition to lend at least $1 billion to First Nations businesses and community organisations over the next three years. This represents an increase of more than 140% based on current lending of $413 million.
NAB Group Executive Business and Private Banking, Andrew Irvine, said NAB’s new lending target would help stimulate sustainable business growth and create prosperity for First Nations communities.
“Businesses play an integral role in strengthening First Nations leadership and creating opportunities for communities to succeed. First Nations businesses are leading the charge by driving self-determination, and rapidly improving financial capability and inclusion,” Mr Irvine said.
“We have listened to First Nations businesses and community organisations around the barriers they experience when trying to establish and grow their businesses. During the last two years, we have put the building blocks in place to better support our growing First Nations business customer base, from both a commercial and cultural perspective.”
NAB to fund diverse range of First Nations businesses and organisations
Through its growing network of specialised bankers across Australia, NAB will fund First Nations businesses and community organisations eager to unlock their potential and grow.
“From land councils to native food businesses, farmers to fashion designers, we are walking alongside our customers as they turn their business dreams into reality,” Mr Irvine said.
Some of the examples of First Nations businesses and organisations that NAB has supported include:
- Goolburri Aboriginal Health Advancement Co Ltd, a health service provider that delivers culturally appropriate health care to Aboriginal and Torres Strait Islander people in the Darling Downs region of Queensland.
- Marr Mooditj Training Inc, a registered training organisation that provides nationally accredited courses in health and community services for Aboriginal and Torres Strait Islander people in Western Australia.
- Bundarra Sportswear, a clothing company that showcases authentic Indigenous art and culture through its products, while also supporting Indigenous communities through various initiatives.
- Birrunga Gallery & Dining, a social enterprise that celebrates Indigenous art, culture and cuisine in Brisbane, while also providing mentoring and employment opportunities for Indigenous artists and chefs.
NAB’s commitment to reconciliation and financial inclusion
NAB’s new lending target is part of its broader commitment to reconciliation and financial inclusion for First Nations people. NAB is a signatory to the Uluru Statement from the Heart, which calls for constitutional recognition of Indigenous Australians and a voice in parliament.
NAB also supports the Indigenous Procurement Policy (IPP), which aims to increase the number of government contracts awarded to Indigenous businesses. NAB has spent more than $40 million with Indigenous suppliers since 2015, exceeding its IPP target by 400%.
NAB has also partnered with Supply Nation, a leading organisation that connects Indigenous businesses with corporate and government buyers. Supply Nation’s CEO, Kate Russell, said NAB’s ambition to lend over $1 billion to Indigenous businesses would help promote a prosperous, vibrant and sustainable Indigenous business sector.
“Indigenous businesses have long struggled with accessing critical capital to grow. Clear commitments from organisations like NAB to do more business with the Indigenous business sector and understand their cultural drivers will create more opportunities for Indigenous businesses to thrive,” Ms Russell said.
The First Nations business sector is rapidly growing in Australia, with Australian consumers eager to purchase goods and services directly from First Nations businesses. New insights from NAB’s economics team reveal about 40% of Australians want to spend more money with First Nations owned businesses.
