Vanessa Little (Program Manager - StepUP, GSM), Peter McNamara (General Manager – Operations, GSM), and Paula Benson (General Manager Corporate Responsibility, NAB) proudly receive the inaugural award from Amanda Bartley (National Director for Corporate Responsibility, PwC).
We are delighted to announce that Good Shepherd Microfinance in conjunction with the National Australia Bank (NAB) have been awarded the 2014 Impact Measurement Award from SIMNA (Social Impact Measurement Network Australia) in the category of Corporate / Not for Profit Partnership.
The SIMNA Gala Awards Dinner held in Sydney last night, was in recognition of the progress being made by our partnership with NAB and our ongoing commitment to measuring social impact.
Nominated in two of the three SIMNA award categories, and being alongside nine prominent and well-established not-for-profit organisations in our awarded category such as the Smith Family, the Warlpiri Youth Development Aboriginal Corporation and Reconciliation Australia, we are honoured to be acknowledged.
Good Shepherd Microfinance and the National Australia Bank are currently celebrating 10 years of partnership with delivering the people-centred financial loan program, StepUP. StepUP is a program that reduces a reliance on welfare or fringe lenders, and reduces the long term stress and anxiety on recipients from being financial excluded.
In April 2013, NAB and Good Shepherd Microfinance partnered with the Centre for Social Impact (CSI) to undertake research into the issue of financial exclusion in Australia and published the report StepUP Loan program: A Little Help Goes A Long Way.
This report provided us with vast insight into understanding the extent of the issue, which is an important validator of the work we do and largely contributes to the evidence-based advocacy and policy reform. Our ongoing commitment to quantifying the impact in an economic capacity provides hard numbers that provides evidence to current and future funding partners, which is critical to illustrate the value add and the long-term viability of our programs.
Parallel to this, we utilised this research to evaluate the social and economic impact of our programs, adopting the Social Return on Investment Methodology (SROI), a key step in understanding a program’s effectiveness. The report revealed a return of $2.68 for every dollar invested and revealed that 73.6% of StepUP Loan recipients experienced a positive change in economic and social outcomes after receiving a loan through the not-for-profit program.
Other specific findings from the report included:
- 36% of people receiving a StepUP Loan experienced a positive change in financial literacy
- Almost half experienced a positive change in financial confidence
- 47% experienced a positive change in their financial management (e.g. saving from their pay, paying bills on time, paid more than minimum payment required by their credit card or loan provider)
- 64% of people who had previously borrowed from a fringe lender stopped borrowing from those providers.
These outcomes clearly show the impact our program is having, as well as helping to identify a number of recommendations for improvement and implementation which include potential product variations, the provision of additional products and locating StepUP sites to areas impacted by geographical exclusion.
We would like to thank everyone involved for their support and acknowledgement.