A $7.2 million Victorian Government investment will ensure Good Money continues to offer inclusive, fair and suitable financial services to people on low incomes living in Dandenong and surrounding areas.
Good Money Dandenong is one of three stores operating in Victoria and offers no interest and low interest loans to pay for life’s essentials like fridges, washing machines, computers, and education and medical expenses.
News of the funding comes as Good Money Dandenong celebrates reaching 6,000 people.
The Hon. Jenny Mikakos, Minister for Families and Children, joined the team at Good Money Dandenong to mark the milestone, and to celebrate her Government’s leading commitment to inclusive, fair and suitable financial services.
Minister Mikakos said “Victoria leads the way in supporting Good Money and other states are now following suit. Our colleagues in South Australia are opening a new store in Salisbury, South Australia in the coming months.”
“Continuing to fund Good Money means more vulnerable Victorians can continue to access safe, affordable and responsible financial products,” she said.
Chief Executive Officer of Good Shepherd Microfinance, Adam Mooney, said the Government’s commitment to Good Money would have tangible benefits for people living on low incomes.
“Our research shows that 92 per cent of clients felt they were better able to budget after speaking with the Good Money team, and 93 per cent said they felt more confident about handling money. This funding will change lives,” he said.
National Australia Bank, a corporate leader in addressing financial exclusion, said the Government’s commitment ensured that Good Money continued to be there for the local community in difficult times.
Corinne Proske, Head of Community Finance and Development at NAB, said that Good Money is an example of how new approaches to community finance can help tackle financial exclusion.
“We need to offer people on low incomes a viable alternative to high cost payday lenders. We know that Good Money is doing just this with more than half of its customers saying that they do not intend to use a fringe lender again.”
“This model, with the Government’s support, is helping us explore innovative alternatives to address the issue of financial exclusion right here in Dandenong,” she said.
Good Money provides safe and affordable financial services for people on low incomes from its shopfront at 250 Lonsdale St, Dandenong.
Good Money is a partnership between Good Shepherd Microfinance, National Australia Bank and the Victorian Government. Following the success of its three Victorian stores, and thanks to the support of the South Australian Government,
Good Money will be opening a new store in Salisbury, South Australia in the coming months – www.goodmoney.com.au.