Fortescue has partnered with NAB to unlock capital for First Nations businesses in Western Australia, reinforcing what company describes as its "strong commitment to driving sustainable communities".
Under the partnership, eligible First Nations businesses will be able to access the necessary capital to fulfil contracts with Fortescue, building on the success of Fortescue's existing collaboration with ANZ which provides similar financial support.
The first company to benefit from the loan guarantee NAB initiative is King Kira Group, a 100 per cent First Nations-owned business that provides vital services to the mining industry in Western Australia, including Fortescue.
King Kira Group founder and managing director Tammy O'Connor said the loans are a "gamechanger" for Indigenous businesses.
"With the support of NAB and Fortescue, we can secure more contracts, ensure sustainable growth, and ultimately empower our community," she said.
"This is a significant move toward a more inclusive industry, and we are thrilled to be part of this transformative initiative."
Fortescue Metals chief executive Dino Otranto said the company believes "procurement is a powerful lever for social and economic change, and this partnership with NAB will ensure we are able to continue providing First Nations businesses with the tools to help create value and sustainability".
"Our Buriya Capital Funding program with ANZ has already provided support to hundreds of First Nations businesses, with Fortescue guaranteeing over A$56 million last financial year," he said.
"Together with NAB we will be able to take this support to the next level, allowing even more First Nations businesses to grow. These partnerships build on our pioneering Billion Opportunities program, which has awarded over A$5 billion in contracts and subcontracts to First Nations businesses since 2011."
NAB, which is committed to more than doubling its lending to First Nations businesses over the next three years, has expressed enthusiasm about the potential impact of this partnership in fostering long-term economic growth and stability within Indigenous communities.
NAB Associate Director Indigenous Business, Annie Ashworth, said: "We know it can be particularly difficult for First Nations businesses to access capital, and this partnership with Fortescue is a powerful example of how we can work together to unlock new opportunities."
"When First Nations businesses thrive, the entire community thrives, and we are proud to be a part of this journey."
The report was produced with the support of Fortescue Metals.
