Refugees in Australia will have access to funds to start and grow businesses through a new lending facility created by seven philanthropic groups.
The $4.1 million philanthropic lending facility will expand access to loan capital for refugee-led businesses, with a particular emphasis on financing women-led enterprises.
It is a joint initiative of the Minderoo Foundation, Paul Ramsay Foundation, four Australian Impact Investments clients – Snow Foundation, The Wyatt Trust, Siddle Family Foundation and Alberts | The Tony Foundation.
The move has been described as “a rare example of leading Australian funders joining forces for greater social impact”.
It will be delivered in partnership with Thrive Refugee Enterprise, a not-for-profit organisation dedicated to refugee economic participation.
Thrive Co-Founder and Chairman Huy Truong said the initiative highlighted the belief the investors had in the economic potential of refugees.
“This belief was not a hunch or a hope, rather it is underpinned by rigorous due diligence of Thrive’s operations, governance and track record for refugee business outcomes,” Mr Truong said.
“We are humbled by this support and look forward to deploying this capital to empower hundreds more refugee businesses and in due course, deliver the social and financial returns.”
Minderoo Foundation CEO John Hartman said inclusive access to finance was essential for refugees, asylum seekers and migrants to fully participate in the economy.
Snow Foundation CEO Georgina Byron said the new facility “represents exactly the kind of bold, collaborative philanthropy we need more of in Australia”.
“The gender lens is central to why this investment resonates with us, with formal targets to expand lending to women, reduce barriers like collateral requirements, and build financial confidence among female entrepreneurs,” she said.
“When funders align around shared values and commit to long-term outcomes, we start driving real systemic change.”
