Indigenous Co Secures Social Investment Funding
Tuesday, 22nd April 2014 at 3:26 pm
An Indigenous company, Iman Operations, has secured a $800,000 impact investment funding package from Social Ventures Australia (SVA) to enable the company to deliver on a multi-million dollar cleaning contract.
The commercial cleaning contract is valued at about $5 million over 12 months, with mining services company Thiess. Thiess are the principal contractor to QGC on its gas project site in Queensland’s Surat Basin.
SVA says the contract is expected to create 80 permanent jobs for Indigenous Australians and the loan, which comes from SVA’s Social Impact Fund, will provide working capital for the company to quickly and effectively scale their operations to meet the increased demand.
Ian Learmonth, Executive Director, Impact Investing at SVA said the Thiess contract was an exciting opportunity for Iman Operations and highlighted the power of partnership to create positive social change within Indigenous communities.
“SVA partnering with an organisation like Iman Operations was a natural fit given Iman’s financial needs with the successful tender as well as its commitment to providing training and generating employment opportunities for Indigenous Australians,” he said.
“As well as the funding package, which would not otherwise be available from mainstream lenders, SVA has provided Iman Operations with financial advisory support and mentoring to assist them in fulfilling this contract and continuing to grow as a sustainable Indigenous organisation.
“SVA is uniquely placed to provide both finance and ongoing advisory support to its investments that is not commonly available amongst more mainstream financiers such as banks or credit unions.
“This deal highlights the importance of social financing initiatives in underpinning the social procurement activity of forward-thinking corporates, and creating lasting jobs in Indigenous communities.”
SVA’s Social Impact Fund was established with both Federal Government and private funding to invest in businesses that also have a social outcome.
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