Good Shepherd Microfinance welcomes the Australian Government’s $33.3 million investment in safe and affordable financial services outlined in the 2015 Budget.
Provided over five years, the funding will allow Good Shepherd Microfinance to grow our range of people-centred, affordable financial programs for people on low incomes, including the awarding winning No Interest Loans Scheme (NILS).
NILS offers people on low incomes access to safe and affordable loans for essential items like fridges, washing machines, school books and medical costs. Significantly, these loans have been shown to have ongoing benefits with 82 per cent of clients experiencing an improvement in economic outcomes such as savings in expenses, greater financial independence and the ability to absorb one off unexpected shocks.
Adam Mooney, CEO of Good Shepherd Microfinance, said the funding was a significant, long term investment in the future of inclusive finance in Australia.
“This significant investment in the future of inclusive finance in Australia enables us to continue to grow our no interest and low interest loan programs. The length of the commitment means we can explore new and innovative ways to support the three million people in Australia experiencing financial exclusion, and puts us on track to reach 1 million people by 2018,” said Mr Mooney.
Minister for social Services, the Hon Scot Morrison MP, spoke about the Government's investment in inclusive finance at the 2015 national NILS Conference. Watch his speech here.