First Australians Capital (FAC), Australia’s only Indigenous-led social impact fund manager and business advisory organisation, has announced that Visa Foundation will make a significant contribution to the Catalytic Impact Fund.
Visa Foundation will be investing $2 million to the fund, enabling the FAC to continue to promote and support Indigenous businesses and enterprises and help Indigenous people become economically independent.
“Visa Foundation’s core goal of supporting women and underserved entrepreneurs is reflected in our collaboration with First Australians Capital,” Graham Macmillan, President of Visa Foundation, said. “As one of the few investment firms of their kind in Australia, FAC has a proven track record of deftly leveraging their resources to foster business opportunities for women and underserved entrepreneurs in Australia. We look forward to working together and helping create a more inclusive entrepreneurial ecosystem for all.”
Brian Wyborn, Managing Partner at FAC welcomed Visa Foundation’s investment into FAC Catalytic Impact Fund supporting Indigenous businesses.
“This partnership represents a powerful commitment to economic empowerment and self-determination within Indigenous communities,” Wyborn said. “With Visa Foundation’s investment, we continue to amplify our impact, providing vital capital and opportunities to Indigenous businesses across Australia. Together, we will cultivate a future where Indigenous businesses thrive, driving sustainable growth and prosperity for future generations.”
Since 2016, FAC has supported over 800 Indigenous businesses and leveraged $80 million in cumulative funding for Indigenous businesses. In the financial year ending 2023, FAC supported 282 Indigenous businesses of which 31 per cent were female-led and 52 per cent were in regional and rural locations. The main sectors that sought support from FAC were construction, arts and recreation, retail and professional services.
FAC’s 10-year strategy focuses on making FAC a catalyst for radical change in investment markets. The organisation envisions that by 2031, the Indigenous business sector will triple in size and that $1 billion in mainstream capital will be leveraged for investment in Indigenous businesses and communities.
