The NSW Aboriginal Land Council is pushing through with its economic development blueprint, offering loans of up to $500,000 to local Aboriginal councils and related business entities.
NSWALC Chair Roy Ah-See said loans of up to $500,000 would be offered to Local Aboriginal Land Councils and related businesses for business enterprises.
“The Land Rights network expects the NSW Aboriginal Land Council to provide strong leadership in economic development,” he said.
“The NSW Aboriginal Land Council started the journey to economic self-determination in 2014 by investing $16 million over five years to provide start-up capital, business development and capacity-building.
“Transforming gains from Land Rights into an independent economic base is a key priority for the NSW Aboriginal Land Council and we are prepared to back that up by fostering business ideas that can generate jobs and training.
“A key barrier for Local Aboriginal Land Councils starting or growing a business is a lack of start-up capital. By funding early-stage business operations, the NSW Aboriginal Land Council is helping attract capital from other sources.”
Cr Ah-See said NSWALC was accepting applications from LALCs with ideas that were “investment ready”.
“Local Aboriginal Land Councils must have, at a minimum, a business plan with sufficient thinking into the commercial and operational viability of their idea.
“The NSW Aboriginal Land Council will contribute up to a maximum of 50 percent of the overall value of the loan with the Local Aboriginal Land Council contribution to be no less than 5 to 10 percent.
“That means applications will also have to show that funding partners have been secured to cover the percentage of capital not covered by the NSW Aboriginal Land Council and the Local Aboriginal Land Council’s own contribution.”