Indigenous Capital Assistance Scheme (ICAS)
Financial and support services : ICAS at a glance : ICAS in action : Further information
What is the Indigenous Capital Assistance Scheme?
The Indigenous Capital Assistance Scheme (ICAS) offers Indigenous businesses access to commercial finance, and culturally appropriate professional and mentoring support services. The economic opportunities created through ICAS may support improved employment opportunities for Indigenous Australians.
The scheme began in 2004 with 22 Westpac ICAS offices managing the programme in branches in all capital cities and regional areas throughout Australia.
Financial and support services
Financial support for loans ranging from $50 000 to $500 000 is available over three years together with business advisory and mentoring support services.
Financial support includes:
- an interest rate subsidy
- a subsidy on part of the bank’s application and establishment fees
- a professional and mentoring support services subsidy.
What types of finance are available?
- business overdraft options
- business development loans
- finance for capital items.
ICAS at a glance
- gives Indigenous businesses access to financial support
- provides cheaper interest rates, bank application and establishment fees and professional mentoring services
- makes available overdraft options for business, business development loans and finance for capital items.
ICAS in action
The Indigenous Capital Assistance Scheme is for Indigenous businesses that may find it difficult to get a loan through normal commercial channels. The programme was rolled out nationally in 2004 through Westpac.
Since the programme began, about $8.9 million has been loaned to over 35 Indigenous businesses in industries such as tourism, transport, agriculture, construction, retail, trade and accommodation. The loans to Indigenous businesses have ranged in size up to $500 000 and have been to buy equipment and purchase assets.
Examples of ICAS careers include:
- A business development loan of $400 000 was provided to help an Indigenous organisation develop a tourist business to attract more visitors to experience Indigenous culture, nature and wild life in the Northern Territory. This led to new jobs and extra benefits to the region through increased tourist numbers.
- An equipment finance loan of $465 000 was provided to establish a new Indigenous business which hires out construction equipment in the Pilbara, Western Australia.
Further information
To be eligible for ICAS, Indigenous businesses must comply with the participating financial institution’s lending criteria, and the
ICAS Eligibility Criteria.
You can get more information about ICAS by calling the Indigenous employment line on 1802 102.
Download the ICAS fact sheet (PDF 545KB)