Guide to Giving
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  | 

Microfinance Pilot Funding Extended


Friday, 8th February 2013 at 9:31 am
Staff Reporter
The Federal Government has committed $448,800 to community development finance in Australia, signing a contract extending its Community Development Financial Institution (CDFI) pilot funding until June 30.

Friday, 8th February 2013
at 9:31 am
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Microfinance Pilot Funding Extended
Friday, 8th February 2013 at 9:31 am

The Federal Government has committed $448,800 to community development finance in Australia, signing a contract extending its Community Development Financial Institution (CDFI) pilot funding until June 30.

Community Sector Banking has welcomed the move saying the commitment gives the program the funds to continue to assist disadvantaged people excluded from mainstream banking with small loans and financial literacy training.

Community Sector Banking (CSB) is a joint venture between Bendigo and Adelaide Bank and 20 Not for Profit organisations including Jobs Australia, Oxfam Australia, Scope and ACOSS.

"With more than 2.6 million Australians classified as fully or severely financially excluded, there is a compelling argument for affordable financial services that assist people to fully participate in society," CSB Executive Director, Peter Quarmby said.

"Unfortunately there is no quick fix to financial exclusion, but further development of the CDFI sector in Australia has the greatest potential for a lasting solution. Because a real loan from a real banking service helps to rehabilitate their credit rating for the future, not just assist in the short term.

"We found there is great need for accessible microfinance to pay for essential big ticket items, such as fixing the car or the washing machine. But we also found that most people, even those on very low incomes, are diligent about repaying the loan.

"Community Sector Banking has maintained its commitment to its microcredit and financial literacy program In-roads, however this funding injection means we can ramp up and refocus our program, concentrating on those we know need it the most," Quarmby said.

He says that over the coming months Community Sector Banking will be specialising in microfinance for Aboriginal and Torres Strait Islanders in urban and remote areas in the Kimberley and South East Queensland.

“Community Sector Banking sees the continuance of the pilot as an opportunity to keep learning and refining the program," he said. 

“We applaud the Federal Fovernment for their vote of confidence in the program and its crucial work and are thrilled to be able to keep assisting people to get their finances back on track."

In-roads is a program of Community Sector Banking.

 




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


Write a Reply or Comment

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



YOU MAY ALSO LIKE

ACOSS warns against government’s ‘unprecedented’ tax cuts

Luke Michael

Monday, 24th June 2019 at 4:47 pm

Partnerships are the key to a thriving civil society

Andrew Cairns

Thursday, 13th June 2019 at 7:45 am

Stronger together in tackling Australia’s challenges

Cassandra Goldie

Thursday, 23rd May 2019 at 8:30 am

Technology can be a weapon against the nation’s most vulnerable

Wendy Williams

Tuesday, 14th May 2019 at 4:29 pm

POPULAR

Charities take fundraising into their own hands

Maggie Coggan

Tuesday, 18th June 2019 at 8:28 am

Why an AAT ruling could shake-up NDIS funding

Luke Michael

Friday, 14th June 2019 at 4:16 pm

UK inquiry finds Oxfam failed to act on child sex abuse claims

Luke Michael

Wednesday, 12th June 2019 at 5:26 pm

Can teaming up with finance groups save your charity?

Maggie Coggan

Wednesday, 12th June 2019 at 5:14 pm

Guide to Giving
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!