Offering will accelerate growth and simplify operations
Commonwealth Bank (CBA) and Supply Nation, a pioneer in supplier diversity in Australia, have joined forces to launch a business banking, education, and training solution aimed at fostering the growth of indigenous businesses.
Tailored Financial solutions for indigenous businesses
Under the agreement, CBA will provide a dedicated business banking package, the Indigenous Business Line and Concierge, offering a suite of financial solutions tailored to accelerate the growth and simplify the operations of indigenous businesses. This includes access to CBA’s Working Capital solutions, Stream, and Business Overdraft, providing flexible and timely cash flow support for First Nations business owners.
Mike Vacy-Lyle (pictured above), CBA group executive business banking, emphasised the bank’s commitment to supporting indigenous businesses and communities.
“Our indigenous business banking team has a deep understanding of the needs of indigenous businesses and the challenges they face, ensuring owners have access to the best financial products and services, education, and training to support the growth of their business,” Vacy-Lyle said in a media release.
Co-developing the indigenous business education series
As part of this comprehensive offering, CBA and Supply Nation will co-develop the Indigenous Business Education Series.
Kate Russell, Supply Nation’s CEO and Awabakal woman, highlighted the importance of ongoing support and education.
“Our engagement with First Nations business owners has revealed there is a need for continued education on topics such as cash flow management, cyber safety, fraud protection, risk, workplace health and safety, procurement, and marketing,” Russell said. “The Indigenous Business Education Series is designed to enhance business capabilities and resilience.”
Empowering indigenous entrepreneurs
Simone Kenmore, CBA’s executive manager indigenous business banking and Yankunytjatjara woman, affirmed that these initiatives align with CBA’s reconciliation vision to build community trust with First Nations peoples.
“We know more First Nations peoples are exploring entrepreneurship across a diverse range of sectors,” Kenmore said.
“No matter where you are in Australia and what sector you’re in, whether it's retail, tourism, healthcare and social assistance, transport, manufacturing and warehousing, our team of culturally trained business banking specialists can work together with you to realise your business goals.”
Impact Services, First Nations-owned labour hire organisation, has already experienced the benefits of CBA’s Stream Working Capital solution.
“Rather than looking at assets, Stream Working Capital looks at the debtor invoices then provides working capital in order to manage cash flow,” Impact Services CEO Kerry Fry said. “While it’s typical for recruitment businesses like ours to need help to manage cash flows, I see that loans secured against invoices can have a broader benefit.
“It means that entrepreneurs building great businesses might have access to credit based on their track record, compliance, and customer base. That can provide an equal opportunity to compete and avoid the stress for those without property or that don’t want to risk the family home.”
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