Zadika Daniels walked into the newly-opened Good Money store in Collingwood, excited by the prospect of buying a refrigerator and a television. She knew access to finance at the Good Money store would not mean crippling interest rates and even more financial hardship.
Good Money stores, which are now operating in Collingwood, Dandenong and Geelong, are community finance stores designed to offer safe, affordable and responsible financial services to people on low incomes who are otherwise excluded from mainstream financial services. The stores, a partnership between Good Shepherd Microfinance, the Victorian State Government and the National Australia Bank, offer a visible and viable alternative to the payday lending sector.
“Good Money has impacted me in a very positive way and changed my future. I take my hat off to you guys, we really need you guys.” Since the Good Money stores opened, Zadika Daniels is one of the many people who have had the opportunity to walk off the street and be offered a No Interest Loan, a Low Interest Loan, and general financial information.
Zadika recently walked into the Good Money store in Collingwood, excited by the prospect of buying a refrigerator, and a television to relax in front of and entertain the grandchildren. Zadika, pictured at the opening of the Good Money store with Good Shepherd Microfinance CEO Adam Mooney, found the experience of accessing finance with Good Money to be easy and pleasant.
The program’s intention is to further the reach of Good Shepherd Microfinance beyond the realm of the community sector through a retail approach.
The Good Shepherd Sisters set up the first microfinance program in Australia in 1981 and now Good Shepherd Microfinance is celebrating its first birthday as an agency of the broader Good Shepherd network.
Good Shepherd Microfinance has an audacious plan to reach one million people by 2018 and build the momentum of a gendered agenda with their main purpose being to enable economic wellbeing for people with low incomes, especially women and girls. Throughout Good Shepherd’s microfinance programs, 70% of borrowers have been women, accessing the programs to build their assets, and also access services they otherwise couldn’t afford, such as health and education.
Good Shepherd Microfinance recently launched Count Me In, its strategic direction for the next five years. With a highly successful first year of Good Shepherd Microfinance, they are excited to see what they can contribute to the broader Good Shepherd network’s intention of serving the agenda of women’s social justice in Australia and New Zealand.
Good Money stores in Geelong, Collingwood and Dandenong are open on weekdays.
For information on Good Money