Good Money community finance store opens in Dandenong

Good Money, a one-stop store providing financial services to people on low incomes, opened today in Dandenong.

The Dandenong store is expected to provide more than 23,460 financially excluded residents1 with access to safe and responsible no and small interest loans, financial counseling and other community services in a comfortable and secure retail environment.

Good Money is backed by the Victorian Government, Good Shepherd Microfinance and National Australia Bank (NAB).

The Hon. Inga Peulich, Member for South Eastern Metropolitan Region, said: “Good Money is about helping Victorians who are struggling to better manage their money and to build financial confidence and, hopefully, security.

“It is a living example of the benefits that can be reaped when the community sector, business and Government work together in partnership.”

The Victorian Government is funding Good Money $4.3 million and NAB will contribute $3.5 million which includes $2.5 million for loan capital for microfinance loans.

It is the second Good Money store to open in Victoria this year. A third will open in Collingwood in November, while the Geelong store opened in April.

Dandenong was chosen as one of the pilot locations due to the area’s high unemployment rates (9.4%). The average weekly household income is $770 while only 9% of a family’s weekly income is $2000 or more.

“Good Money is the first retail concept of its kind in Australia offering this approach to money management and no and small interest loans, providing a viable alternative to payday lenders,” said Michelle Crawford, Deputy Chief Executive Officer, Good Shepherd Microfinance.

Paula Benson, NAB General Manager Corporate Responsibility, said that the opening of the Good Money store builds on NAB’s commitment to ensuring all Australians have access to fair and affordable credit.

“NAB is proud to have played a role in helping Good Shepherd Microfinance and the Victorian State Government bring these traditionally welfare based services to a retail environment,” said Paula Benson, General Manager Corporate Responsibility, NAB.

The Dandenong Good Money Store is at 250 Lonsdale Street. Opening hours are Monday to Friday 9:30am to 4:30pm. To learn more about the financial products and services offered at the Good Money Store, visit www.goodmoney.com.au

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