Welcome to Banjima Native Title Aboriginal Corporation

Banjima People, a proud identity focused on strong culture

1.6 Banjima Aboriginal Economic Development

Information

The purpose of this interim Distribution Policy is to promote economic development for Banjima beneficiaries through provision of better access to business networking, support and mentoring, providing seed capital for entrepreneurs and diverse employment pathways.

What is covered;

Cadetships

The purpose of the cadetships is the upskilling of younger members through targeted secondments/ cadetships. Cadetships will be negotiated with organisations performing activities that will enable the member to obtain a tertiary and professional qualification in areas where it is perceived there is currently a deficit within the membership base. These include areas such as:

  • Accounting and finance (including banking and financial planning); and
  • Management consultancy.

The beneficiary that participates in this program must work part time whilst also studying either full-time or part time. During the period of their studies, it is expected that they will remain in the employment of the employer that is facilitating their cadetship.

Funding for a minimum of 2 cadetships; funding can include wage subsidy and or residential accommodation in a residential college, and a provision for incidental expenses.

 

Business Support

Mentoring and Support

  • Funding of up to $10,000 per annum for business mentoring and support for up to 20 member’s businesses, either start-up or existing businesses.
  • Business mentors are to be pre-screened by an individual or organisation nominated by the DMC.
  • Support activities may include expenditures on services such as bookkeeping, accounting and IT services.

Business Funding

  • Funding of up to $25,000 per applicant towards qualifying start-up business ventures or existing member enterprises
  • Level of funding will depend on the perceived size and complexity of the business operation (proposed or existing)
  • Funding will be capped at $25,000.

Allowances

For the period 1 July 2018 to 30 June 2019

What

Beneficiary Allowance

Cadetships. Limited number, minimum of two available

Variable

Business (Mentoring and Support)

$10,000

Business (Funding Start-ups or existing)

$25,000

 

Eligibility

To be eligible for this assistance, an applicant must meet beneficiary criteria as follows:

  • A registered Banjima beneficiary
  • A registered Daisy beneficiary.

Please note:

  • No allocations of funds can be transferred to another member
  • As per clause 6.7 of the Trust Deed, the Trustee may not provide money or a money equivalent to individual beneficiaries. Payments will be made directly to the seller or service provider.

How to apply

  1. Applicants are encouraged to contact the BNTAC offices to discuss their application Applicants are required to demonstrate and evidence a viable existing business or a realistic business opportunity.
  2. Applications are assessed by an independent advisory committee with business expertise. The application will be considered on merit and further information and/or an interview may be required. Please allow up to THREE MONTHS from submission, for the application to be assessed and a final decision to be made. The next meeting of the AED Advisory Committe is in mid-January 2019. Applications for review at this meeting are due for receipt by BTNAC before Close of Business on Thursday 10th January.

The independent AED advisory committee is composed of:

•         DMC independent member

And representatives from

•         The trusts’ investment manager, Partners Wealth

•         PwC

•         Indigenous Business Australia (“IBA”)

  1. Download and complete the;
    • Cadetship application form (available here).
    • Business Support form for both 
      1. Business mentoring and support.
      2. Business funding for start-ups or existing businesses (available here)
  2. Provide supporting evidence, such as:
    • Business plan and or budget (draft or finalised)
    • Evidence of ownership of business
    • Last year’s statutory accounts
    • Current management accounts
  3. Submit application by sending forms and evidence to Member Services by:
  1. You will be contacted by BNTAC with the outcome of your application.
  2. If you are not happy with the outcome, you can appeal a decision.
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