Strengthening its commitment to the Indigenous business sector, the Commonwealth Bank (CBA) has partnered with Supply Nation to launch a groundbreaking initiative aimed at accelerating the growth and sustainability of Indigenous businesses. This collaborative effort introduces a bespoke service providing tailored banking packages and educational workshops to streamline operations and foster success. CBA’s new ‘Indigenous front door’ to accelerate growth, simplify operations for First Nations business sector
CBA’s Indigenous Business Line and Concierge, referred to as the bank’s new “Indigenous front door,” features culturally-trained banking experts assigned to Indigenous business owners. This approach ensures a deep understanding of each business, fostering trust and enabling the provision of the most suitable financial packages. The initiative includes products such as CBA’s Working Capital Solutions, Stream, and Business Overdraft, offering First Nations business owners flexible, simple, and faster access to cash flow.
To complement these financial solutions, a new Indigenous Business Education Series, facilitated by Supply Nation, has been introduced. This series aims to simplify access to capital and business support, particularly in areas such as marketing. The collaborative effort represents a holistic approach to supporting Indigenous businesses, addressing both financial needs and educational gaps.
Mike Vacy-Lyle, CBA Group Executive Business Banking, emphasized the bank’s commitment to supporting and strengthening the Indigenous business sector. He stated, “We know that by strengthening First Nations businesses, we are supporting First Nations communities more broadly.”
Simone Kenmore, CBA Indigenous Business Banking Executive Manager and a proud Yankunytjatjara woman, brings nearly 30 years of experience across the Indigenous sector. She highlighted the importance of understanding the unique needs and challenges of the Indigenous business sector, offering tailored solutions and education to support growth.
While challenges such as cash flow and access to capital are common to all businesses, remote Indigenous businesses face additional hurdles. CBA is committed to bridging this gap by providing streamlined services and cultural competency.
Supply Nation CEO Kate Russell highlighted the four primary benefits of CBA’s specialized service for First Nations businesses. These include the Indigenous front door, connecting businesses with culturally-competent bankers, determining bespoke products and services, and the introduction of the Indigenous Business Education Series.
The Indigenous Business Education Series aims to provide ongoing support, education, and training for First Nations business owners, addressing topics such as cash flow management, cyber safety, fraud protection, risk, workplace health and safety, procurement, and marketing.
As international opportunities for Indigenous businesses increase, Supply Nation is actively working with DFAT and AusTrade to enhance exposure. The collaboration also seeks to address challenges related to access to capital, a crucial issue in the Indigenous business sector.
This initiative by CBA and Supply Nation demonstrates a commitment to building a sustainable future for Indigenous businesses, fostering growth, and creating opportunities for generations to come.
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