Vic Budget Supports Microfinance Program
Thursday, 7th May 2015 at 11:01 am
The Victorian Budget has continued its investment in Good Shepherd Microfinance, one of Australia’s largest microfinance organisations, and its National Australia Bank ‘Good Money’ program, with a $7.2 million commitment over four years.
The funding announcement was made in this week’s Victorian Budget.
“The Victorian Government played a leading role in establishing Good Money and is leading the nation in addressing financial exclusion,” CEO of Good Shepherd Microfinance, Adam Mooney said.
“Good Money offers a lot more than loans. Every client has a financial conversation which can help break the cycle of disadvantage – 92 per cent of clients felt they were better able to budget after speaking with Good Money.
“The Victorian Government funding means Good Money will continue to provide inclusive, fair and suitable financial services for Victorians.”
Good Money provides financial services for people on low incomes, with 1,600 people accessing no interest and low interest loans for essential household goods and services in the last three years.
Corinne Proske, Head of Community Finance and Development at NAB, said that Good Money is an example of how new approaches to community finance can help tackle financial exclusion.
“We need to offer people on low incomes a viable alternative to high cost payday lenders. We know that Good Money is doing just this with more than half of its customers saying that they do not intend to use a fringe lender again,” Proske said.
“This model, with the Government’s support, is helping us explore innovative alternatives to address the issue of financial exclusion.”
Read more on the Victorian Budget HERE.