National Australia Bank (ASX:NAB) partnered with Fortescue (ASX:FMG) to launch a new loan guarantee initiative for First Nations businesses seeking to enter the mining industry or expand their existing operations, the financial services firm said in a statement Tuesday.
The initiative ensures that First Nations businesses with supplier contracts from Fortescue can access necessary capital to fulfill their contracts, ensuring responsible lending thresholds are met for the lender to provide capital to eligible businesses, the statement said.
National Australia Bank and Fortescue shares both rose 1% in midday trade Wednesday.
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