QBE gives $500,000 to First Australians Capital in bid to expand seed funding for Indigenous SMEs

Zak Kirkup Published April 4, 2024 at 5.00pm (AWST)

business

First Australians Capital Managing Partner Brian Wynborn. Credit: Atlantic Fellows

In a collaboration aimed at enhancing the financial accessibility for Indigenous entrepreneurs, the QBE Foundation has given a $500,000 seed capital grant to First Australians Capital (FAC).

FAC, an Indigenous-led organisation, has been working to support Indigenous businesses through investment readiness programs and capital funding.

The grant from the QBE Foundation will contribute to FAC's existing initiatives, including the establishment of a seed capital pool specifically designed for start-ups and early-stage Indigenous businesses.

The funds will also support FAC's Investment Capacity Building program, which aims to provide support to Indigenous businesses, helping to enhance their growth prospects, long-term sustainability, and resilience.

This move is seen as a crucial step in overcoming the historical and systemic barriers that have long limited Indigenous entrepreneurs' financial opportunities.

Viv Bower, Group Executive of Corporate Affairs and Sustainability and Chair of the QBE Global Foundation, expressed the foundation's commitment to supporting Indigenous communities.

"The QBE Foundation is committed to creating strong, resilient and inclusive communities and we are pleased to support First Australians Capital as they work to contribute to the long-term sustainability and growth of Indigenous businesses and fill a critical financing gap," she said, noting the alignment with the insurer's Reconciliation Action Plan and the broader goal of "fostering meaningful relationships" with Aboriginal and Torres Strait Islander communities.

Torres Strait Islander and Papua New Guinean man Brian Wyborn, the Managing Partner at FAC, acknowledged the significance of QBE's support.

"Significant social change occurs when we all work together. I welcome QBE's grant into FAC's Seed Capital Pool and their commitment to supporting capacity building for and with Indigenous entrepreneurs," he said.

Since its founding in 2016, FAC has worked with over 800 Indigenous businesses across Australia, demonstrating a strong track record in promoting self-determination and economic empowerment within Indigenous communities.