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

Social Investment Grants Program


3 April 2014 at 8:59 am
Staff Reporter
Community organisations will be supported to find new ways to help low income Australians locked out of financial services and products through a new Social Investment Grants Program from Community Sector Banking (CSB).

Staff Reporter | 3 April 2014 at 8:59 am


0 Comments


 Print
Social Investment Grants Program
3 April 2014 at 8:59 am

Community organisations will be supported to find new ways to help low income Australians locked out of financial services and products through a new Social Investment Grants Program from Community Sector Banking (CSB).

Under the program, Not for Profit customers of CSB will be able to apply for grants of between $5,000 and $10,000 to develop and implement initiatives that promote and increase financial inclusion for disadvantaged Australians.

“Financial inclusion gives people greater financial independence and reduces their reliance on welfare or alternative credit providers who may charge inflated interest rates that lock lenders into a cycle of poverty,” Community Sector Banking’s Managing Director Greg Peel said.  

“We’re proud to offer this unique grants program to our Not for Profit customers so we can support their tireless efforts to improve the lives of disadvantaged Australians by unlocking access to appropriate financial services and products.”  

He said more than 3 million Australians – some 17.7 per cent of our adult population – aren’t able to access appropriate and affordable financial services and products including transaction accounts, general insurance and manageable amounts of credit.

Those Australians most likely to suffer financial exclusion include people earning between $20-25,000 a year, young people aged 18 to 24, students not in employment and Indigenous Australians.

A total grant pool of $50,000 is on offer in 2014, made up of 50 per cent of net profits from CSB’s Social Investment Deposit Accounts as well as voluntary contributions from Social Investment Deposit Account holders of 50-100 per cent of their account interest.  

“CSB’s Social Investment Deposit Accounts are aimed at community-minded individuals and organisations looking for an account that contributes to social change – investing in genuine financial inclusion solutions is a fitting way to distribute these funds,” Social Investment Grants Program Advisory Committee Chair Bruce Argyle said.

Not for Profit community groups can apply for a Social Investment Grant until 30 April 2014. The application process will be administered by Bendigo Bank’s Community Enterprise Foundation.

Community Sector Banking is a joint venture between Bendigo and Adelaide Bank and Community 21 (a consortium of not-for-profits including Jobs Australia and ACOSS).


Staff Reporter  |  Journalist  |  @ProBonoNews


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

Australian Scholarship Foundation


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



YOU MAY ALSO LIKE

New grants program to help the hidden victims of COVID-19

Luke Michael

Monday, 27th July 2020 at 4:59 pm

COVID crisis forces a shift in grantmaking

Luke Michael

Friday, 24th July 2020 at 11:48 am

Supporting not for profits to build capacity for impact

Andrew Cairns

Thursday, 23rd July 2020 at 7:10 am

Want to help shape Melbourne?

Contributor

Thursday, 23rd April 2020 at 7:15 am

pba inverse logo
Subscribe Twitter Facebook
×