Good 360
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  | 

Aussie Microfinance Milestone


Tuesday, 25th September 2012 at 11:28 am
Staff Reporter
A milestone 50,000 Australians under financial stress have been assisted by microfinance schemes across the country, according to an annual assessment.


Tuesday, 25th September 2012
at 11:28 am
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Aussie Microfinance Milestone
Tuesday, 25th September 2012 at 11:28 am

A milestone 50,000 Australians under financial stress have been assisted by microfinance schemes across the country, according to an annual assessment.

The No Interest Loan Scheme, supported by the National Australia Bank and Good Shepherd Microfinance and funded by the Federal Government provides low-income families and individuals facing financial hardship.

“These affordable loans have given more than 50,000 Australian families in financial stress the practical means to get back on track,” Minister for Community Services, Julie Collins said.

Good Shepherd Microfinance chief executive, Adam Mooney, said that its microfinance services are designed to help people living in poverty make everyday financial decisions and take advantage of opportunities that most people take for granted.

“Good Shepherd Microfinance research has shown that its programs have helped Australians in their ability to cope with risk, strengthened community ties and increased access to safe, no interest loans for essential household goods and services,” Mooney said.

Minister Collins said that the most common reason for people seeking the loans is to buy fridges, washing machines and other household appliances.

“Many Australians in financial hardship can’t buy essentials such as fridges or washing machines because they don’t have a credit rating or don’t have the savings.

“These schemes mean low-income families don’t have to commit to high-cost alternative credit to buy essential household items.

“The total value of no-interest or low-interest loans in the five years of these initiatives is now more than $68 million,” Collins said.

NILS loans range from $800 to $1,200 and have a repayment period between one and one and a half years at zero percent interest.

"It has been found that the way we and our community partners deliver microfinance loans not only enables borrowers to achieve dreams, but equips them with valuable community building ethics,” Mooney said.

“Circular community credit encourages loan recipients to repay their loans knowing that as this money is returned, more people in similar situations can also benefit.”

Loans are open to anyone who holds a Pension or Health Care Concession card.

Information on how to apply for affordable loans is available at http://www.goodshepherdmicrofinance.org.au/

 



FEATURED SUPPLIERS


Yes we’re lawyers, but we do a lot more....

Moores

Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

Brennan IT helps not-for-profit (NFP) organisations drive gr...

Brennan IT

...


More Suppliers


YOU MAY ALSO LIKE

Good Money Microfinance Celebrates Five Years of Three-Way Partnership

Lina Caneva

Tuesday, 5th September 2017 at 12:27 pm

Federal Govt Extends Advocacy Funding – States Called on to Follow Suit

Lina Caneva

Wednesday, 9th August 2017 at 4:02 pm

Government ‘Ideologically Opposed to Human Rights’ Says Departing Triggs

Lina Caneva

Wednesday, 26th July 2017 at 3:21 pm

Calls for Family Violence Victims to Access Super

Wendy Williams

Monday, 19th June 2017 at 4:57 pm

POPULAR

Red Cross Moves to Wage-Based Fundraising Model

Lina Caneva

Thursday, 16th November 2017 at 8:30 am

Concerns Raised Over New ACNC Board Appointments

Luke Michael

Monday, 20th November 2017 at 2:28 pm

Disability Advocacy Group Fights to Restore State Funding

Luke Michael

Thursday, 9th November 2017 at 8:37 am

New Same-Sex Marriage Bill Looks to Protect Faith-Based Charities

Luke Michael

Monday, 13th November 2017 at 5:25 pm

Write a Reply or Comment

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


Good 360
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!