Media release - Torres Strait Regional Authority

In 2018 Bamaga Enterprise Limited (BEL) took out a loan with the Torres Strait Regional Authority for the construction of staff accommodation at Bamaga and on 4 August 2021 successfully paid it out. 

BEL obtained a loan through the TSRA’s Economic Development Programme Business Funding Scheme which enables Torres Strait and Aboriginal people living in the region to acquire, own and develop commercially viable enterprises.  

Christopher Foord, General Manager for BEL said, “The loan allowed BEL to construct a residential duplex which also benefited Indigenous employment through sub-contracting of construction works to local builders and tradespersons.”

“We have been able to pay back the loan quickly as we now have accommodation for full-time staff which assists in generating our business and ultimately our income. We are proud of our achievement and thank TSRA for the loan in assisting us realise our goals’” Mr Foord said.

The TSRA Chairperson, Napau Pedro Stephen AM said, “The TSRA is committed to stimulate economic development across the region through its Economic Development Programme’s products and services. Concessional business loans are popular and increase access to capital and creation of commercially viable businesses”.

Congratulations to BEL on this initiative.