A microenterprise development project is ushering economic participation for community businesses that have traditionally faced barriers to start and grow.
At the Yothu Yindi Foundation’s Garma Festival on Saturday, Westpac and not-for-profit Many Rivers celebrated its project of developing 1000 new community businesses, half of which are indigenous-owned.
Many Rivers now operates in 25 locations nationwide, focusing on regional and remote communities. Since 2009, Westpac and Many Rivers have partnered to offer microenterprise development support, including access to $5.7 million business loans.
Recognising the success of the Many Rivers’ approach, Westpac announced a further $2.25 million in funding to support more aspiring business owners.
Speaking at the Garma Festival, held in the Northern Territory during the 40th Anniversary of the Aboriginal Land Rights Act, Mr David Lindberg, Chief Executive, Business Bank, Westpac said the partnership contributes to lasting social and financial outcomes for business owners and their communities.
“At Westpac, we believe backing business is essential for the prosperity and growth of our nation. This must include supporting the economic participation of people who have traditionally faced barriers to start and grow their businesses. Inclusion is particularly important in regional and remote Australia. We have chosen to partner with Many Rivers because it has made tangible differences to the lives of many people who are now self-employed and creating new jobs for others,” said Mr Lindberg.
“As we enter our third century in business, we believe we have a role to play in shaping a positive future for Australia. Partnership with organisations like Many Rivers is critical to building sustainable businesses and communities for tomorrow,” said Mr Lindberg.
A report by Deloitte Access Economics entitled “Evaluating Many Rivers’ Microenterprise Development Program” reinforces the tangible impact the program is having on local communities. Led by Professor Ian Harper, the report found that each Many Rivers business has a higher survival rate than the national average.
Of note, clients accessing welfare have decreased while clients with personal assets of over $50,000 from 23% to 38% have increased.
Real economic participation is vital to overcoming the structural disadvantages faced by many Australians, Mr John Burn, CEO and Managing Director of Many Rivers said.
“In many of the places that Many Rivers works there are limited job opportunities. Therefore, an enterprise is critical to providing people with a trajectory out of disadvantage. Many Rivers provides multi-year, practical business support and encouragement. We support our clients to start in business, stay in business and thrive in business. The first measure of success is when a client generates their first income and the long-term measures are the economic and social benefits that arise when people feel valued and are supporting their families and communities,” Mr Burn said.
He added: “Access to finance and other banking products is essential to enabling our clients to establish and grow their businesses. We are delighted to continue our partnership with Westpac.”
Inside Small Business
