Fortescue (ASX:FMG) has teamed up with National Australia Bank (ASX:NAB) to provide capital to First Nations businesses in Western Australia, helping them secure contracts with Fortescue, the company said in a Thursday press release.

The partnership expands on Fortescue's existing collaboration with ANZ Group Holdings (ASX:ANZ), which has already guaranteed over AU$56 million for the businesses, the statement said.

The first beneficiary, King Kira Group, a First Nations-owned business, will use the funds to expand and secure more contracts, the statement added.

NAB aims to double its lending to First Nations businesses over the next three years, the company said.