By Rebecca Foreman for Navitas Skilled Futures

Australia is a vibrant, multicultural country and has long been a beacon of hope and opportunity for migrants and refugees seeking a better life. 

Beyond the initial challenges of relocation, many newcomers aspire to establish their own businesses and contribute to the vibrant Australian economy. However, one of the main issues they face is finding initial funding sources to help them get their business up and running. 

Fortunately, there are several options available to support migrants and refugees in realising their business dreams.

Keep reading to find out which funding source may be the best option for you.

Government Grants and Programs

There are many financial schemes available for migrants and refugees to access funding through Government grants and programs in Australia. 

The New Enterprise Incentive Scheme (NEIS) is offered by the Australian government, providing eligible job seekers (including migrants and refugees) the opportunity to turn their business ideas into a reality.  Participants receive training, mentoring, and financial assistance for up to 39 weeks to help them establish and run a new business.

Service NSW Business Connect offers a free information service for tailored business advice in one-on-one sessions on topics such as business planning, marketing and cash flow.

Community Migrant Resource Centre (CMRC) offers a Multicultural Business Advisory for those who intend to start up a small business through the Business Connect NSW Government program.

For those looking to develop their English and digital skills to improve their business prospects, Navitas Skilled Futures offers multiple Government-funded course options.

The Adult Migrant English Program (AMEP) is the best place to start, equipping refugees and migrants with communication and digital literacy skills to set themselves up for success in work and in the community.

Once enrolled, you’ll also be able to access the Pathways to Work program, which aims to assist students in building a better future and reaching their goals of starting a business.

If you’re based in Sydney or Canberra, contact Navitas Skilled Futures to find out if you are eligible for the free, government-funded AMEP. If you’re in a different area, you can find your local provider here. 

We’re here to help you to build a better future and reach your goals of starting a business. Contact NSF on 1300 798 111, email info@navitas-skilled-futures.com.au or click here to find out more or enrol.

Non-Government Organisations (NGOs)

Asylum Seeker Resource Centre (ASRC) offers a range of support services, including financial assistance and mentorship, to asylum seekers and refugees in Australia. Through their Entrepreneurs Program, individuals can access resources and guidance to kickstart their business ventures.

Migrant Resource Centers (MRCs) are established across Australia to support migrants and refugees in their settlement journey. Some MRCs collaborate with local business networks to provide funding assistance, training, and advice for aspiring entrepreneurs.

Check out your local centre to see whether you can gain support via joining a project or network of support. 

Not-for-profit Organisations

Not-for-profit organisations like Thrive Refugee Enterprise are dedicated to assisting refugees and asylum seekers to become financially independent by starting or growing their own small businesses.

Since 2017, over 1500 refugees have accessed support from Thrive Refugee Enterprise and as a result, over 500 businesses have started and contributed to the Australian economy. There are many inspirational success stories on their website!

Photo: David Ghaterchi, a refugee from Iran, found funding to start his gardening business through Thrive Refugee Enterprise

Microfinance and Loan Programs

Good Shepherd Microfinance is an organisation that focuses on providing financial inclusion and support to individuals on low incomes, including migrants and refugees. Their No Interest Loan Scheme (NILS) offers interest-free loans for purchasing essential items to kickstart businesses.

Migrants and refugees can also look for Ethical Enterprise Loan Funds (EELF) which support ethical and socially responsible enterprises and businesses. EELF provides low-interest loans to businesses that aim to make a positive impact on society.

Companies like Bromleigh can assist migrants and refugees with sustainable business models to source funding for their start-up businesses.

Public Donations

GoFundMe is a crowdfunding platform that individuals and organisations use to raise money for various causes, including business startups. There are many success stories of people who have launched businesses with money secured from this form of platform. As we say in Australia, you have to be in it to win it!

Photo: Tamil refugee, Selvakumar Perumal launched his own food truck business thanks to funding from Thrive Refugee Enterprise

Australia, with its diverse and inclusive society, offers many options for migrants and refugees to access funding and support for their business ideas.

By taking advantage of government programs, NGO initiatives, community resources, and microfinance opportunities, migrants and refugees can turn their business dreams into reality.

As these initiatives continue to grow and adapt, they contribute not only to the economic prosperity of migrants and refugees but also to the richness of Australia’s entrepreneurial landscape.