Economic Development Strategy

NSWALC is pressing ahead with its $16 million economic development policy by identifying and supporting 18 business proposals.

Under the Economic Development Strategy, NSWALC is providing start-up capital, financial training and business development support to turn Aboriginal local knowledge into successful and sustainable businesses.

During the first phase of the strategy, assessments are being conducted on each of the proposals and all Local Aboriginal Land Councils will have more opportunities to be involved as the strategy is rolled out over the next five years.

NSWALC Chair Craig Cromelin said the Economic Development Strategy was about driving self-determination.

“We want our communities developing their own approaches to wealth creation, not someone else’s vision.”

He also cautioned that not all good ideas in small business result in successful enterprises so strict criteria is applied to assess applications.

“Applications for business development funding are assessed on their commercial merits and risks. We know we can only create long-term jobs for Aboriginal people with profitable and sustainable business enterprises,” he said.

“Through this policy we want help all of our LALCs and the Aboriginal people they serve to realise the full scale of economic benefits from Land Rights.

“Our policy provides opportunities so that young – and not so young – Aboriginal people can step up, back themselves and follow their dream of starting a business and building a career,” he said.