FIT Sponsorship
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Politics

Microfinance Scheme for Jobs Gets $63.4 Million


Monday, 15th June 2015 at 12:02 pm
Xavier Smerdon, Journalist
The Abbott Government has announced that it will spend $63.4 million over five years funding three microfinance schemes in a bid to help low income Australians move off welfare and into a job or study.

Monday, 15th June 2015
at 12:02 pm
Xavier Smerdon, Journalist


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Microfinance Scheme for Jobs Gets $63.4 Million
Monday, 15th June 2015 at 12:02 pm

The Abbott Government has announced that it will spend $63.4 million over five years funding three microfinance schemes in a bid to help low income Australians move off welfare and into a job or study.

Minister for Social Services Scott Morrison said the funding package would be delivered from July 1 at the national No Interest Loan Scheme (NILS) Conference in Sydney.

“This investment will enable the NILS, StepUP and Saver Plus programs to continue for a further five years,” Morrison said.

“These initiatives have a proven track record helping low income Australians into study or a job over the past six years and deserve the support of the government. Getting more people from welfare into work is good for families and good for our economy.

“The programs help people gain greater control of their money and lives by providing no or low interest loans or matched savings coupled with financial literacy education.

Morrison said the funding would support around 650 NILS and StepUP sites and 60 Saver Plus sites nationally – many of which were operating in regional and remote Australia.

“NILS and StepUP are delivered by Good Shepherd Microfinance in partnership with the National Australia Bank, and are excellent examples of effective community–business partnerships,” he said.

“Similarly, the matched savings scheme Saver Plus, delivered by Brotherhood of St Laurence and ANZ, has helped more than 23,000 Australians since it was piloted in 2003.

“The Abbott Government is also delivering $4.9 million over three years to organisations which provide access to fair and affordable business loans to low income individuals and families.”

For more information on the Australian Government’s microfinance initiatives go to Department of Social Services website.


Xavier Smerdon  |  Journalist |  @XavierSmerdon

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

FEATURED SUPPLIERS


Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

NGO Recruitment is Australia’s not-for-profit sector recru...

NGO Recruitment

We specialise in data solutions consulting and IT profession...

DQUBE Solutions

More Suppliers

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

Treasurer Calls for Heart and Mind Approach to Homelessness

Wendy Williams

Monday, 15th May 2017 at 5:09 pm

Medicare Levy Rises to Fund NDIS

Lina Caneva

Wednesday, 10th May 2017 at 10:33 am

Treasurer Says Budget 2017 Offers Fairness, Opportunity and Security

Lina Caneva

Tuesday, 9th May 2017 at 8:37 pm

POPULAR

$110M Package Tackles Anxiety and Depression Among Young Australians

Wendy Williams

Tuesday, 9th January 2018 at 8:46 am

Social Enterprise Announces $500,000 Funding for Social and Affordable Housing

Luke Michael

Monday, 15th January 2018 at 11:26 am

Privatisation Poses New Challenges for NFPs Managing Their Workforce

Luke Michael

Tuesday, 9th January 2018 at 4:36 pm

People With Severe Mental Illness Struggling With NDIS Transition

Luke Michael

Wednesday, 17th January 2018 at 5:58 pm

Write a Reply or Comment

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


FIT Sponsorship
pba inverse logo
Subscribe Twitter Facebook

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

You have Successfully Subscribed!