Fortescue signs on to support First Nations businesses

Fortescue Metals has partnered with NAB to unlock access to capital for First Nations businesses in Western Australia, reinforcing its commitment to sustainable communities and economic empowerment.

Under the partnership, eligible First Nations businesses can access necessary funding to fulfil contracts with Fortescue.

This initiative builds on the company’s existing collaboration with ANZ, which has already facilitated significant support for Indigenous businesses.

“We believe 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,” Fortescue Metals chief executive officer Dino Otranto said.

“Our Buriya Capital Funding program with ANZ has already provided support to hundreds of First Nations businesses, with Fortescue guaranteeing over $56 million last financial year.”

Ortantio said that together with NAB the company 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 $5 billion in contracts and subcontracts to First Nations businesses since 2011,” he said.

King Kira Group, a 100 per cent First Nations-owned company providing services to the mining industry, is the first business to benefit from the loan guarantee initiative.

“These loans are a game-changer for Indigenous businesses like ours,” King Kira Group founder and managing director Tammy O’Connor said.

“With the support of NAB and Fortescue, we can secure more contracts, ensure sustainable growth, and ultimately empower our community.”

NAB said it is committed to more than doubling it lending to First Nations businesses over the next three years and is enthusiastic about the impacts this partnership can have in bringing long term growth and stability within Indigenous communities.

“First Nations businesses often face challenges in securing the capital needed to win contracts and thrive in their industry,” NAB executive, Indigenous business Noel Prakash said.

“The success of First Nations businesses benefits the entire community, and with Fortescue’s assistance, we are excited to support more Indigenous businesses across Western Australia and Australia.”