15th March 2018
Data source: S&P Global Market Intelligence
Aboriginal-owned Jilpanti Enterprises Pty. Ltd. secured access to A$1.2 million in funding to purchase required equipment as part of a three-year contract with Fortescue Metals Group Ltd., under the iron ore producer’s A$50 million leasing facility.
In September 2017, Australia & New Zealand Banking Group Ltd., or ANZ, and Fortescue launched the leasing facility, which aims to provide financial solutions to Aboriginal businesses that supply services to the company.
These businesses will be able to access finance at a competitive rate through ANZ and guaranteed by Fortescue to lease the required assets.
Puutu Kunti Kurrama Elder and Jilpanti Director Lennie Ashburton said the facility is providing the Aboriginal business an opportunity to build a “sustainable future.”
“With the support of Fortescue and ANZ, we can now purchase assets which will continue to generate income for the business now and into the future,” Ashburton said.