This year, #BuyBlak and make a meaningful impact by choosing gifts from Indigenous-owned businesses. Every purchase supports the growth and empowerment of the ever-evolving Indigenous business sector. 

All businesses featured in this catalogue are First Nations owned and operated, so you can feel great about your gift-giving this season! 

Read more about this initiative here:

https://nit.com.au/19-06-2024/12066/new-15-million-program-to-boost-indigenous-business-in-queensland

SYDNEY, Australia – 18 June 2024: First Australians Capital (FAC), the only First Nations-led national business advisory and impact fund for Indigenous entrepreneurs in Australia, has today announced the successful first close of the FAC Catalytic Impact Fund. 

FAC secured nearly $20 million in investment from a range of diverse global and domestic investors. 

Managing Partner Brian Wyborn acknowledges the early backers and long-standing cornerstone investors Paul Ramsay Foundation, an anonymous Melbourne-based trust, and the Cages Foundation. Earlier this year, FAC also welcomed the VISA Foundation’s $2 million commitment to the Fund and a $3 million commitment from Block through its Australian subsidiary, Square.  

A number of Australian foundations and family offices, including The Snow Foundation, Wyatt Trust, Tripple, Salt Catalyst, Small Giants and the AMP Foundation, have also confirmed their financial commitment to support Indigenous businesses and help drive economic empowerment and self-determination within Indigenous communities.  

“First Australian Capital’s commitment to backing Indigenous-led organisations and providing mentorship addresses systemic barriers, empowering a resilient First Nations business community,” said Georgina Byron, Chief Executive Officer of the Snow Foundation. “Our investment in FAC aims to foster self-determination, economic independence and a more inclusive, caring and prosperous future for Indigenous Australians, aligning to the strategic vision of The Snow Foundation.”  

As Australia’s only First Nations-led and controlled fund manager, FAC has been operating a $13 million concept fund since 2021 and has deployed $11.4M as of 30 March 2024. The Catalytic Impact Fund connects investment markets with the Indigenous economy, offering accessible, patient debt finance to support Indigenous businesses and address racial inequity in Australia’s finance sector. It focuses on diverse, impact-driven investments into Indigenous-led businesses that create long-term social and environmental impact for Indigenous businesses and communities. 

The Fund Investment Committee is chaired by Indigenous business and community leader Jahna Cedar, joining her are corporate leaders Tim Barber and Dan Porter, together with representatives of First Australian Capital. 

“We’re thrilled to announce the first close of this fund, bringing together values-aligned investors and change-makers committed to accelerating positive change and empowering Indigenous businesses and communities across Australia,” said Brian Wyborn, Managing Partner of First Australians Capital. “This fund connects investment markets with the Indigenous economy, offering accessible, patient debt finance to support Indigenous businesses and address racial inequity in Australia’s finance sector.” 

We would also like to thank Arnold Bloch Leibler (ABL) led by Genevieve Sexton and Jason van Grieken, and our fund advisors Brighlight Advisory. We especially acknowledge ABL who, over many years, has provided expert support to enable us to pioneer new investment models and structures to unlock racial equity in mainstream markets.  

About First Australians Capital  

First Australians Capital (FAC) is a national First Nations-led fund manager and business advisory organisation that connects investment markets with the Indigenous economy. It offers accessible, patient debt finance to support Indigenous businesses and address racial inequity in Australia’s finance sector. FAC focuses on diverse, impact-driven investments into Indigenous-led businesses that create long-term social and environmental impact for Indigenous businesses and communities.  

Indigenous leadership at its core 

First Australians Capital (FAC) has distinguished itself as the first fund manager in Australia to be led and controlled by Indigenous leadership. The organisation’s leadership comprises a majority Indigenous board, executive team, and equal representation on the Investment Committee, ensuring authentic governance and direction.  

With Managing Partner Brian Wyborn at the helm, FAC is dedicated to driving positive change and scaling the Indigenous business sector. Their leadership underscores their commitment to Indigenous self-determination and economic empowerment. 

The FAC Catalytic Impact Fund 

The FAC Catalytic Impact Fund is a strategic tool designed to bridge the gap between investment markets and the Indigenous economy. It offers accessible, patient debt finance to support Indigenous businesses, with key highlights including: 

• Access to Indigenous Economy: The fund aims to bridge the financial gap by offering accessible, affordable, and flexible finance to Indigenous businesses. 

• Empowering Indigenous Businesses: Providing essential support, knowledge, and resources to help Indigenous businesses thrive. 

• Market-Building Focus: Aiming to address racial inequity and create investment opportunities for Indigenous businesses. 

• Diverse Portfolio: Investing across various industries, leveraging Indigenous competitive advantages such as native foods and renewable energy. 

• Impact Focus: Committed to stimulating economic activity and empowering Indigenous communities. 

• Transparent ESG Screening: Emphasizing Indigenous rights, economic self-determination, and Just Transition processes. 

• Support for Women-Led and Regional Enterprises: Proactively investing in women-led businesses and enterprises in regional and remote areas. 

• Concessional Returns: Targeting net returns in the 0-4% range, focused on capital preservation for impact-oriented investors. 

• Excluded Industries: Avoid investments in tobacco, gambling, and controversial weapons manufacturing industries. 

• Patient Finance Products: Offering tailored finance products, including working capital and term loans for early-stage and growth investors. 

Regular Impact Reporting: Committing to transparent impact metrics reporting, including reports on key investments and thematic analysis linked to the Sustainable Development Goals.

After eight years as Chairperson and former Managing Director, Leah Armstrong is retiring as Chairperson.  As a co-Founder, alongside Adrian Appo, Jocelyn King and Jane Pound, Leah expressed the next chapter in FAC’s growth will be an exciting time and the Board of FAC has planned this succession as part of the governance process to ensure that the FAC Board has the cultural knowledge, experience and commitment to drive this next chapter.  

Leah said “It has been a great privilege to have led FAC and to be leaving the organisation with the right leadership and a solid foundation.  The journey to establishing an Indigenous-led community investment model has taken more than 15 years and now FAC is leading new thinking on impact investment for Indigenous businesses and communities.”  

The FAC Board acknowledged Leah’s contribution and dedication to championing the rights and opportunities of Indigenous Australians, focusing on enhancing economic participation and fostering community resilience through her leadership and advocacy efforts.  

As Jocelyn King steps up into her new position as Chairperson of FAC, and member of the FAC Investment Committee, she mentions: “I am honoured to be able to pay my respects to Leah in this moment and to recognise her enormous contribution to Indigenous economic self-determination, not just here at FAC, but well beyond. She has been one of the driving forces behind the scenes of Indigenous economic development over the past 30 years  

“I have been fortunate to have called Leah a mentor and a friend, and I am honoured to pick up the baton that she has passed on. Thank you, Leah, for your energy, passion, vision, and commitment to the community. Leah leaves FAC in a strong position, but the work is not over. It is just beginning, and it is with a deep sense of responsibility that I take on the role of Chair for the next phase of the journey.”  

As FAC shifts into this next stage, it is dedicated to empowering First Nations communities by providing financial and business strategic support to catalyse Indigenous entrepreneurship and drive meaningful social and economic change.  

Abhilash Mudalair, FAC’s Deputy Chairperson also added, “I’d like to start by thanking Leah for her years of deep, substantial contributions to the establishment and evolution of First Australians Capital. Under her leadership, FAC has become a leading voice and player in Indigenous economic development across Australia. As Leah steps into a new chapter, I am honoured to take on the role of Deputy Chairperson at FAC. Indigenous businesses across Australia are full of ideas and energy that remain largely unfulfilled.   

“FAC is an organisation that is at the vanguard of change, seeking to support Indigenous communities in realising their economic dreams and, importantly, doing so on terms that are culturally appropriate. There exists tremendous potential to channel capital and resources towards this economic transformation and I look forward to helping FAC on this journey.”  

As at 1 July 2024, the Board of FAC now comprises:  

Jocelyn King (Chair), Abhilash Mudaliar (Deputy Chair), Gordon Cole, Karen Iles (Robinson), Brian Wyborn, Jane Pound, and Hylton Mathews.

To read the Review, please click here.

Our panel presented a persuasive argument for investing into the Indigenous economy.  

You can watch the webinar at the link here. 

Here are some key takeaways and snippets from the conversation:  

Investing in Indigenous enterprises means investing in strength-based, opportunity led enterprises that add significant value to their communities and to the economy.  

Conversation Snippets: “Where the opportunity lies”  

Since the introduction of the government Indigenous procurement policy in 2015, $5.3 billion in contracts have been awarded to Indigenous businesses. In the prior years before the policy the annual spend was $6 million. The demand is there in the corporate and government sectors, and there is growing demand in non-traditional sectors. As an example, we already have highly efficacious, high performing, models of care for our aging population that were looked to as analogues of success during the Aged Care Royal Commission. We are already delivering models that are highly effective models for the future.   

There is strength that comes from the adversity we have experience, we see that as advantage, others need to see it as an advantage as well. We know how to solve problems that stem from us being excluded from the economy, we have come up with solutions based off our experience of being excluded and I don’t think that’s well understood. That is fertile ground for opportunity.   

The current topic of the moment is climate change, we are moving to a zero-carbon economy. There is clearly a role for Indigenous business and community through land management practices that we have already been delivering.  

Indigenous knowledge and Indigenous Governance are essential pillars in growing the Indigenous economy and supporting sustainable growth of the Australian economy.   

Conversation Snippets: “Busting myths: we are entrepreneurial, we aren’t lazy”.  

There is a huge gap in economic participation between Indigenous and non-indigenous Australians. Why is that? Because we were excluded from the get-go, from all areas of life and society. When we were included there was nothing to participate with – no intergenerational wealth, no wages. There is so much underpinning the economic injustice we face today. 

We must talk about Equity before discussing it.   

We need to level the playing field. That is the importance of Indigenous businesses and people being the advocates and leading the efforts. We know the businesses, our strengths, and what barriers need to be overcome to create success.   

What is going to be game-changing? The next horizon is the opportunity to connect Indigenous enterprise to global markets.  

We need to shift the Power dynamics to ensure Aboriginal and Torres Strait Islanders are the decision-makers when it comes to growing business and accessing capital.   

Conversation Snippets: Ownership and Driving Change  

Native title and the ability to self-determine over your own land is a key component of change. The journey starts with an asset you can take ownership of and leverage to have the opportunity to invest into your community.   

The challenge is to take the spotlight off Indigenous business and communities and plant the spotlight on investors. What we have identified over the last 10 years is the lack of access to capital. There’s no shortage of good will. Unfortunately what we’ve have found in the last 5 years is that goodwill only gets you so far. You need commitment, you need people to be comfortable in discomfort.    

Investor risk and risk management frameworks are developed with non-indigenous businesses in mind. They are not looking at Indigenous business when thinking about risk frameworks and not thinking about the other side of risk, which is the opportunity or upside.   

We need to start with the mindset that the opportunity exists, and the demand is there, we’re not talking about a part of the economy that has no customers. If investors are real about solving economic justice, you need to start with the decision to develop access to capital opportunities in a way that makes sense for Indigenous business and understands the significant positive impact that can be made.   

Conversation snippets: Who needs to be at the table?  

Organisations like First Australians Capital are best suited to be one of the key players at the at the table, you know the Indigenous business community and the investor community, you are the translator and help those parties come together.  

The disciplined non-conformist: the people that I want around the table are the ones that are willing to work within systems to change systems. There’s no time for bystanders.  

We will seize the opportunity; the difference is whether investors are with us or not. It may take a little longer without our investor allies, but we will get there. Be with us as we move up the curve.  

You can find the link to the webinar here.  

Just remember: if you are not talking about Racial Justice, you are perpetuating Racial Injustice. 

Navigating through systems can be a long journey but learning from the past is a way to unlock the future.   

First Australians Capital (FAC) Co-Chairperson and Managing Director, Leah Armstrong is a Torres Strait Islander woman with a passion to bring culture and capital together to stimulate economic growth in Indigenous businesses and communities creating greater opportunities for the next generations.   

“Passing down knowledge and passing down experiences, we’re able to do that,” Leah said. “The important part of cultural governance is passing down knowledge and sharing those experiences, for the next generation. It’s critically important to learn from the past to shape the future, just as others before us had learned from our elders and leaders of the past.”  

Leah spent her childhood in Mackay, Queensland, often fishing and spending time with her family. Leah moved to Newcastle around 30-years-ago, where she settled and started her family.   

However, with over 30 years in business and not-for-profit sectors, Leah has been working relentlessly to create greater financial growth and support networks within Indigenous communities.  

Bringing Capital into Indigenous Ventures   

“The purpose of FAC began when I was working with the local organisation called Yarnteen here in Newcastle,” Leah said. “A few other local Aboriginal community members and I established Yartneen with a sole purpose of addressing the economic outcomes facing local Aboriginal and Torres Strait Islander communities in the Newcastle and Hunter region.”  

Aboriginal community members in Newcastle and the Hunter have worked for many years on addressing and forming successful social welfare organisations, in particular, Awabakal  Newcastle Aboriginal Cooperative, one of Australia’s leading social welfare not-for-profit organisations.   

“Working in the social welfare sphere, as a community member and organisation, what we identified was that we needed to create our own economics pathways and independence, and that’s how Yarnteen came about,” Leah said. “Through this, we were able to achieve economic independence within 10-years.”  

Building networks, relationships, and having access to capital were a few of the key foundations to be a successful business with economic growth. After years at Yarnteen and other not-for-profits, Leah began deciphering how to share her knowledge with others and in 2016 First Australians Capital was founded.   

_{Port Hunter Commodities, Kooragang Island – Yarnteen investments.}  

Reflecting on the past five years 

There have been many achievements throughout First Australians Capital’s five-year history, however, for Leah, what inspires her the most is the success achieved by a multitude of companies.   

“Hearing about the support we have provided to Indigenous business, and enabling people to realise their vision, there are so many different stories around that,” Leah said.   

Another highlight Leah reflects on is FAC’s focus on cultural governance and working from a strength-based approach.   

“We look at supporting businesses, believing Indigenous people have the skills to run a business, they just don’t have capacity, networks, social capital, and financial capital to help them achieve their goals,” Leah said. “Starting from a basis of success and embedding cultural legitimacy in the organisation furthers Indigenous success.”   

Leah also thanks the support provided by many philanthropic investors that enable FAC to fund Indigenous businesses and enterprises that are creating an impact both socially and culturally.   

“Aboriginal Sustainable Housing demonstrates the multiplier effect and impact of supporting Indigenous businesses.” Leah said. “FAC provided flexible financing to an Indigenous construction company, to build social housing on Aboriginal land for Aboriginal families, funded by the Aboriginal Housing Office NSW, enabling ASH to employ and trained 17 indigenous workers and engaged 2 Indigenous contractors.   

“That’s 2 Aboriginal families with new housing, and 17 people with new career aspirations and more business to help the existing Indigenous contractors to grow.” 

Into the Future  

Whilst the past five years have been successful, Leah still has plans for future growth.   

“Having our own impact investment fund would influence the capital flows more broadly into Indigenous businesses and enterprises, addressing the structural and systemic racism facing Indigenous people. Then we can look at the major barriers to Indigenous economic wealth, to address and change the wealth inequality by backing the power and strength within Indigenous-led businesses and focusing on women-led businesses,” Leah said. “I hope to achieve that”.  

“We still have a long way to go, and we’ve certainly had some successes, but for me the vision of success is when we have our own investment fund so that we are sustainable and can invest in Indigenous businesses and communities for the long haul, creating this First Australians Capital as a legacy for future generations”.   

-By Bethany Dance 

“Power without love is reckless and abusive, and love without power is sentimental and anemic. Power at its best is love implementing the demands of justice, and justice at its best is power correcting everything that stands against love.”  

– Martin Luther King Jnr 

Over the past 6 months I have been deliberating the notion of Power. Who has power? How is power used? How can we disrupt power dynamics? 

Inspired by the work of Joy Anderson from the Criterion Institute whose work is centered on disrupting systems of power, in particular, the power dynamics that come to the fore in finance and investing.  One of the key steps to disrupt power dynamics is to dismantle privilege through redistribution of resources. 

“Resourcing patterns in fields reinforce privilege, as they do in many types of systems. The funder gravitates toward theories of change that reflect their own, and funding often moves in more significant volume to those who most mimic the status quo..” 

In addition, I have been yelling YES, YES, YES, as I read through the powerful Decolonizing Wealth by Edgar Villanueva. 

Edgar’s powerful expression on the colonial virus to divide, control, exploit and horde wealth is so true. Edgar speaks of money as medicine and offers the pathway for healing and progress when money is directed to the people closest to the need and have the solutions.   

For me it is not a matter of Indigenous communities not having the power, knowledge, experiences and solutions; fundamentally it’s about power without wealth equality/justice.  Having had the wealth extracted from our land, resources, and work to then be evaluated by institutions for our worthiness and risk potential as recipients to be given crumbs perpetuates the colonial virus. 

During the past month First Australians Capital has been a sponsor of the Convergence Conference – Finance as tool to addressing Gender Based Violence.  We were pleased to be involved in the discussions with other Indigenous women sharing the experiences of Indigenous women and capital markets. The conversations have been uplifting and at the same time sobering on how far we need to go to build a just and equitable finance system. 

First Australians Capital believe we need to imagine a bold and radical new approach to equitable wealth creation. 

‘A changing ecosystem needs “radicals,” who bring fury and accountability and a vision of a new reality that breaks with currents systems.’ 

– Cheryl Dahle, Flip Labs 

We need to expand our imagination of what is possible.  To invest in innovative models that back the power within communities rather than seeing them as victims that need empowering or need government and corporates to save them. 

Edgar Villanueva raises the question: What if funders no longer assumed that disadvantaged communities and individuals need to be empowered at all?  What if we acknowledged how powerful they are inherently are? 

Instead of believing it is individual enterprises and communities that needed fixing – it was the market they operated in that need to change. 

Here’s the Thing – We have intrinsic power. 

Here’s the Thing – Indigenous businesses have the power to drive a new economy. 

Here’s the Thing – what bold actions are governments, corporates, allies prepared to take to amplify this power within First Nations businesses and communities and build wealth equity? 

October is Indigenous Business Month and this year’s theme is Powering the Economy. 

First Australians Capital (FAC) has seen a variety of wonderful thought-provoking leaders enter the Indigenous economy, and Gomeroi man Steve Stanton is another worth keeping an eye on.   

From a small-town boy who had never seen the Harbour Bridge to a Senior Executive with over 15 years of experience across a wide range of industries including health services, financial services, technology, agribusiness, social impact investment, housing, and business advisory services. Steve Stanton has come on board as FAC’s new Director of Business Development, with an ambition to build a global economy for First Nations people.   

Keeping Grounded (Culture and Country)  

For Steve, an important centerpiece to his life is having a connection to Culture and Country.  

“One of the biggest things that keep me grounded in my life is connection to my culture and my country,” Steve said. “It is an important part of who I am.”  

“Without being centered through cultural practices and connection to country, it would be really difficult to navigate the world,” he said. “A part of my responsibility, not only in my role here at FAC, but more broadly as an Aboriginal man – is to continue to pass our culture on to our young people, and make sure that we uphold our responsibility to our country, but also each other.”  

Throughout his studies and early career Steve was often curious about why things are the way they are. By connecting to Elders in his community he was able to gain a better understanding.   

“First Nations people are often passive consumers of economics or business, and mainly through welfare lens, so I had to challenge myself internally on, why that is the case?” Steve said. “Understanding our culture through connection to my community, I began to understand and gain knowledge of my story and where I come from, as well as my responsibility to take action.”  

Creating A New First Nations Global Economy 

Steve has a deep passion for social impact and sustainability, and his broad experience providing advice to governments, corporates, the not-for-profit sector and startups nationally and internationally, helps him do just that.  

“I am fascinated with complex problems, having to think differently about solving them and working with others to solve them was sort of a natural area for me,” Steve said. “Understanding what economic development in a global context for First Nations looks like whether that be the complexities of religion in India, and how that works in an economy, then looking at impacts in the U.S., or Australia and New Zealand which have similar invasion stories. It comes down to understanding what support is available and what can be contributed back”  

In recent years Steve’s knowledge, skills, and understanding of the global economic chain have developed, and he has created a space in which he can lead.   

“You have to be introspective, and then you will start to attract different people that take an interest in new relationships in many different forms,” Steve said. “They can be a transactional one-off relationship, or they can have ongoing value. Whoever we surround ourselves with, is important to what our organisation would look like, and you never know in the interest of investors in Aboriginal businesses.”  

Powering the Indigneous Economy through Entrepreneurship 

Steve is developing partnerships and business at FAC with the ambition of creating a space where there are more self-determined Indigenous leaders in the business field.  

“In the next 10 to 20 years other young people who have gone to university, or entrepreneurs who create a business, will help bring balance between a cultural perspective, and a business perspective, not only in Australia but even globally,” he said.  

“If you have people who are culturally competent supporting you, who understand what it’s like to be an Aboriginal person. You can knock down barriers, and challenge ideology around systemic racism.”  

However, Steve understands the importance of being a great leader also means understanding those around you.  

“In my journey, whether professional or personal, giving back to the community, but also being humble enough to listen to someone else’s ideas that may even challenge your ideas and values and being able to reflect upon that, is a really important part of leadership,” he said.  

October marks Indigenous Business Month, this year’s theme: Powering the Indigenous Economy. To see more of the work First Australians Capital is doing, take a look at how we work with Businesses and how Investors can support our work, and read our Position Paper: Brave Action for a more just, impact led economy. 

– By Bethany Dance