The Local Jobs Fund has approved funding of $70,000 (plus GST) by way of Priority Sector Collaborative Grant for the Northern Territory Indigenous Business Network (NTIBN) to undertake feasibility studies into the development of an Indigenous Business Hub in Darwin.
The NTIBN is a consortium and the peak body representing Indigenous businesses in the NT. They support current and emerging Indigenous businesses by offering business development services. They currently have over 200 Indigenous owned member businesses and a further 160 associate members.
NTIBN's vision is for a custom built, culturally appropriate, state of the art facility that caters for all styles and sizes of Indigenous businesses, from start-ups and sole entrepreneurs through to small, medium and large enterprises across the NT.
The expected development will cost between $10 million to $30 million depending scoping and feasibility outcomes as one output of the study. The majority of funding is expected to come from the Commonwealth that has committed to build three Indigenous Business Hubs via the Indigenous Business Sector Strategy 2018-2028. Two hubs have already been developed, in Western Australia and New South Wales respectively.
NTIBN’s proposed Indigenous Business Hub is highly aligned with The Territory Economic Reconstruction Commission (TERC) recommendation highlighting the importance of Aboriginal economic leadership in the Northern Territory. It encourages Aboriginal-led economic development, including access to project finance.