Advertisement

Virtual Progress leaderboard ad
Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  Policy

Vic Budget Supports Microfinance Program


7 May 2015 at 11:01 am
Xavier Smerdon
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.

Xavier Smerdon | 7 May 2015 at 11:01 am


0 Comments


 Print
Vic Budget Supports Microfinance Program
7 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.


Xavier Smerdon  |  Journalist  |  @XavierSmerdon

Xavier Smerdon is a journalist specialising in the Not for Profit sector. He writes breaking and investigative news articles.

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.

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published.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



YOU MAY ALSO LIKE

They have learned nothing and forgotten nothing

David Ritter

Thursday, 28th May 2020 at 8:47 am

Drawing lines, somewhere

David Crosbie

Thursday, 28th May 2020 at 8:39 am

NFP working group to fight for stronger sector and vulnerable Australians

Maggie Coggan

Thursday, 28th May 2020 at 8:14 am

Advertisement

Good360 leaderboard ad
pba inverse logo
Subscribe Twitter Facebook
×

We need your help.

Our COVID-19 coverage has driven our website traffic up by 250%. But we are seeing a huge fall in advertising, which is how we fund our free news service. This is hard for us to ask knowing how tough times are for everyone. But now is the time to show us you value our work.

 Make a contribution 

You have Successfully Subscribed!