$3.7m in grants from Aboriginal Investment NT flows to Territory businesses
NT businesses have benefited from millions in grants, but the organisation dishing them out says there are ‘lessons to be learnt’ from the process. Find out why.
Millions in grants have been divvied out to Territory businesses in a process which wasn’t without its teething issues, the chief executive of the organisation behind the process says.
Aboriginal Investment NT has dished out $3,707,989 to Aboriginal businesses across the Territory, as part of the first round of its business grants program.
“We are proud of the work we have done to date, but know there is more to do. There is a flourishing business sector within the NT, with extensive opportunities for growth and innovation. We are here to help unlock that potential,” Aboriginal Investment NT chief executive Nigel Browne said.
“Across the NT, there are almost 400 registered Aboriginal businesses, 95 per cent of which are small businesses. We want to support those businesses, not only so that business owners can achieve well-deserved economic success, but so that the Aboriginal communities in which they operate can also experience positive indirect and direct benefits such as increased employment, further economic development and sustainable wealth creation.”
Aboriginal Investment NT currently does two rounds of business grants per year, with the latest round of applications closing on May 30.
Mr Browne said “there are definitely lessons to be learned” from the first round, and the organisation has “committed to making continuous improvements” to the grants program.
“After initiating an internal audit and review, which is currently underway, we will be implementing improvements to make this process more streamlined and accessible for future rounds.”
Aboriginal Investment NT, since its establishment, has divvied out $41 million in grant funding to 183 Aboriginal businesses in the Territory.
The organisation has received a total of 731 applications across the entire grants program, but Mr Browne said “the work does not stop here for the team”.
Late last year, the Northern Territory Aboriginal Investment Corporation announced it rebranded into Aboriginal Investment NT.
At the rebrand, it was announced the organisation launched a five-year plan to invest $655m towards Aboriginal-led development in the NT.
Originally published as $3.7m in grants from Aboriginal Investment NT flows to Territory businesses
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