First Australians Capital (FAC) has managed to secure $20 million in commitments for the first close of the Catalytic Impact Funds. This achievement will demonstrate the organization’s passion for supporting Indigenous businesses and communities throughout Australia. We are disscusing about Indigenous-led First Australians Capital (FAC) Banks $20 Million for Its Impact Fund.
We are disscusing about Indigenous-led First Australians Capital (FAC) Banks $20 Million for Its Impact Fund:
Investors and Purpose of FAC
The investors of this fund are the Paul Ramsay Foundation, an unidentified Melbourne-based trust, and the Cages Foundation. FAC directly targets racism in the Australian finance industry to link investment markets to the Indigenous economy. The fund is a patient, accessible source of debt financing to help Indigenous enterprises.
Queensland Government Support
The Catalytic Impact Funds have also been supported by the VISA Foundation, payments fintech Block through Square, and several Australian foundations, and family offices. Last week, the Queensland government outlined $1.5 million over two years for the First Australians Capital Business Acceleration Program. This program offers up to $100,000 in loans and grant funding for early-stage/seed investment in startups led by ATSI.
Vision and Purpose of FAC
First Australians Capital (FAC) is a national Indigenous organization that is important in supporting Indigenous business/enterprise people nationally. FAC strives to develop a new economy that is owned, controlled, and operated by the first Australians. FAC supports the cultural, creative, and economic development of First Australians and empowers them as full, free agents to shape their economic destiny.
Work of FAC
FAC develops Indigenous investment capacity and develops financing solutions for its clients. They provide debt products for Indigenous patients to assist them to expand and build up their businesses. FAC is constructing a community of investors that are equally willing to do away with systemic barriers to finance. They work closely with stakeholders to facilitate the development of the Indigenous business sector.
Impact of FAC
Since 2016, more than 800 companies have engaged with FAC to show that Indigenous organizations have adapted, generated more operating income, and created more jobs for Indigenous people. There is the creation of new employment opportunities and enhancement of the expected sales for commercial ventures. FAC’s capacity-building support and capital linkages have moved 80 % of the business entity in the right direction.
Events and Programs by FAC
Since its formation, First Australians Capital (FAC) has focused on the affairs of Indigenous business people and encouraging self-employment. MECCA M-Power is the latest funding partner that was revealed by FAC recently. Overall, the goal of this symbiosis is to promote economic sovereignty for First Nations entrepreneurs. Prominent personalities involved in this initiative include Benson Saulo, Former Australian Consul-General & Senior Trade and Investment Commissioner. FAC has received $15 million in pledges for the Catalytic Impact Fund. This fund has a target size of $30 million and provides patient debt products and other forms of capital to Indigenous business people.
Conclusion
In the last financial year, it provided funding to 282 businesses, of which 31% were led by women and more than half are in regional and rural areas. FAC’s objective is for the Indigenous business sector to grow threefold and for FAC 2031 to attract $1 billion in mainstream capital for investment in Indigenous businesses and communities. In First Australians Capital’s effort to support Indigenous-led enterprises and offer guidance, a step is made toward fostering the growth of a strong First Nations business sector.
