New microfinance organisation to support women on low incomes
9 September 2022 at 11:21 am
New Australian program from microfinance operation Grameen to support low income earners with an entrepreneurial spirit.
Improving women’s participation in the workforce was one of the biggest issues to emerge from the recent Jobs and Skills Summit.
New microfinance leader Grameen Australia is providing one solution through its new program targeting women with enterprise aspirations who may be experiencing unemployment, financial hardship and poverty.
Grameen Today aims to address the critical national skills shortage and boost employment post COVID-19 by providing small loans, financial training and support to its members, mostly women, who are seeking income through self-employment.
The organisation was established in Australia with help from $3.5 million in federal government funding awarded last year. A further $400,000 was provided by the Victorian government to launch the first branch in the state.
Grameen Australia Chair Ian Neil said the program has been critical for building financial independence and creating meaningful livelihoods for participants, many of whom have diverse backgrounds and life experiences including refugees and migrants.
“Many of our members are women who have escaped war and are attempting to build a better life for themselves and their families,” says Neil. “Grameen’s loans, training and support are helping these women design and operate their own microenterprise which may include small businesses like crafts, personal services and retail.”
“The Grameen Today program is an exciting step for the Australian economy which will revolutionise employment of women and marginalised groups in the community.”
The first Grameen Today branch launched in the Victorian suburb of Broadmeadows, with the second branch opening in the local government area of Fairfield, New South Wales, in the coming months. Plans are underway to expand the program to 10 sites across the country over the next five years.
Approximately 300 million people, mostly women, have benefited from the Grameen microfinance model since being founded by Nobel Laureate Professor Muhammad Yunus in the late 1970s.
