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Publish Date : 03-May-2014

Social Ventures Australia has awarded an $800,000 impact investment funding package to Iman Operations to allow the company to serve on a large commercial cleaning contract worth around $5 million over 12 months for Thiess, the principal contractor to QGC on its gas project site in Queensland's Surat Basin.

It is estimated that the contract will generate 80 permanent jobs for indigenous Australians, and the loan, which comes from Social Ventures Australia's (SVA) Social Impact Fund, will provide working capital for the company to quickly and effectively scale their operations to meet the increased demand.

SVA Executive Director of Impact Investing Ian Learmonth said, "The Thiess contract is an exciting opportunity for Iman Operations and highlights 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."

"The funding package would not otherwise be available from mainstream financiers such as banks or credit unions, and that SVA will provide Iman Operations with financial advisory support and mentoring to assist the company to fulfil the contract," added Mr Learmonth.

Thiess and QGC have committed to raise the volume of local content within their supply chains, and are working actively with Iman Operations to assure that the organisation is able to build on this contract to grow into the future and continue to create employment outcomes for Indigenous Australians.

Mr Learmonth said, "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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