Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  Policy

Pilot to be Rolled Out for CDFI Sector


4 February 2010 at 12:22 pm
Staff Reporter
The Federal Government is preparing to roll out a pilot program to grow the Community Development Financial Institution sector in Australia

Staff Reporter | 4 February 2010 at 12:22 pm


0 Comments


 Print
Pilot to be Rolled Out for CDFI Sector
4 February 2010 at 12:22 pm

 Work is underway to roll out a pilot program as part of plans to grow the Community Development Financial Institution (CDFI) sector in Australia – a sector that Social Ventures Australia describes as being in its infancy compared to the US, UK and Canada.

The pilot is being set up through the Federal Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) following the recent allocation of 7.5 million in government funding.

Social Ventures Australia (SVA) was contracted in 2009 by the Department to do a scoping study looking at the role CDFIs could play in assisting with financial inclusion in Australia.

Senior Consultant with SVA, Olivia Hilton says the two month project looked at the key research into the effectiveness of CDFIs in the UK, US and Canada.

The study also looked at the key policy instruments and the lessons learned overseas.

Hilton says part of the study was to identify the Australian differences and where the need is. She says comparatively the CDFI sector in Australia is certainly in its infancy.

SVA carried out wide consultation with existing CDFIs and banks including NAB and ANZ.

Hilton says the closest CDFI in Australia that compares well with overseas institutions is Forresters Community Finance in Queensland and some Credit Unions in the Northern Territory.

SVA also held discussion with Not for Profits working in the micro financial area such as Brotherhood of St Laurence, with its no-interest loans and the Good Shepherd Youth and Family Service.

Hilton says the study highlighted that there is a need among low income Australians and Not for Profits for an alternative service financial service.

Details of the CDFI pilot are expects in coming weeks.



PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

Advertisement

CFRE

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Close to 150,000 jobs at risk due to welfare cuts

Luke Michael

Tuesday, 15th September 2020 at 5:02 pm

JobSeeker recipients fear push back under poverty line

Maggie Coggan

Friday, 11th September 2020 at 4:51 pm

Up to 12,000 community sector jobs at risk due to funding uncertainty

Luke Michael

Wednesday, 9th September 2020 at 5:31 pm

New plan says SDGs must inform COVID-19 stimulus spending

Luke Michael

Tuesday, 8th September 2020 at 8:17 am

pba inverse logo
Subscribe Twitter Facebook
×

We need your help.

Since the outbreak of COVID-19, Pro Bono Australia has seen a devastating fall in advertising and less people posting on our job board, which is how we fund our free news service. You can show us that you value the work we do by making a contribution.

 Make a contribution 

You have Successfully Subscribed!