Info for Community Groups
Other Micro-credit projects
| NILS Info for Community Groups
Other Micro-credit projects |
(information as at December 2007)
Step UP Loans is a not-for-profit NAB loan developed with Good Shepherd Youth and Family Service. these personal, unsecured loans are between $800 - $3,000 for individuals and families living on a low income and are offered at a basic interest rate of 6.99% p.a.
The loans provide affordable credit for the purchase of essential personal, household and domestic goods and services (eg. refrigerators, washing machines, medical expenses, cars and car repairs, computers).
Repaying a step UP low interest loan establishes a credit rating and an entry into the mainstream credit system. Recipients are 'mentored' by a microcredit worker throughout the loan process and repayment period.
For further information, or to find a listing of Schemes, you can visit the NAB website www.nab.com.au/About_Us/0,,82040,00.html
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First Nations Advantage Credit Union Launched May 1999.
Traditional Credit UnionTraditional Credit Union Limited ("TCU") was established in 1994 to provide culturally appropriate financial services to Aboriginal people living in remote communities in the Northern Territory, particularly those disadvantaged by a lack of existing services. Products and Services provided by TCU include: Savings Accounts (including debit card access) Branches & Agencies Casuarina NT (Head Office) The Board of TCU, all voluntary, consist of elders from remote communities and some Darwin based Directors with skills in law, accounting and training. For further information on the products and services provided by Traditional Credit Union Limited contact:
Brotherhood Of St LaurenceFinancial Services and Solutions Financial stability is often the biggest concern people face in their lives. The Brotherhood has partnered with financial institutions and developed a range of programs to provide people on low incomes with real solutions to their financial concerns. The Brotherhood has programs to address a wide range of monetary problems; from the need to buy a new fridge to school uniform costs. From health care services to small business opportunities. Saver Plus Saver Plus is an award winning matched savings program that turns one dollar saved into two dollars in the bank. ANZ matches each dollar saved by participants with a further dollar to a maximum of $1,000. Funds must be spent on a pre-agreed educational cost. Contact: Sonia McCann (03) 97815724 Progress Loan These loans charge a commercial rate of interest and are a viable alternative to high interest 'pay-day' lenders or pawn brokers. Contact: 03 9483 1183
Achiever Business Loan The Brotherhood and Fitzroy Carlton Community Credit Cooperative have joined together to offer the Achiever Business Loan - a variable interest rate loan to help grow or stabilise small business. Loans of $1,000 - $2,000 will help a small business purchase something to increase profitability, reduce overhead costs or improve efficiency. This initial small loan will also help participants prove their ability to repay and may lead to larger loans from us and, eventually, mainstream institutions. Contact: 03 9483 1183 For further information on the Brotherhood of St Laurence visit their website www.bsl.org.au Foresters ANA Friendly SocietyFriendly societies have been implementing concepts of mutuality and self-help for over 100 years. Foresters Community Finance Ltd continues this tradition through Community Finance. Foresters Community Finance Ltd is Australia's leading Community Finance Institution. At Foresters their work is unique because they actively channel the capital of social investors into the community. People in these communities in turn benefit from access to community finance products and services. Foresters business model is unique in the international field of community finance because of their focus on social investment. Social Investors want to know that their money is doing more than just making more money. Social investors have a strong desire to make a positive contribution to the social well being of Australian communities as well as receiving a financial return. Foresters Community Finance products provide enterprising Third Sector and Fourth Sector organisations with access to capital to build their capacity to achieve their social missions. Step 1 to Strengthening your
Financial Position - Community Finance Appraisals Foresters are committed to building the capacity of the Third and Fourth Sectors through education and training that inspires social innovation. Social Innovation & Education Foresters develop and offer training and education programs to help build capacity of the Third and Fourth sectors. This includes programs in areas such as: Building Financial Sustainability Understanding Financial Statements Community Asset Building Governance for Innovation Community Economic Development Getting off the Funding Treadmill. Microfinance Activities Foresters’ is a member of both the Australian Microfinance Network and the Queensland Microfinance Network. Foresters’ Mutual funds are a contributory rotating loan system. Members deposit a minimum of $10 per month into the fund and after 6 months become eligible for a loan of up to $250. On a sliding scale, the maximum loan after 2 years is $2000. These are no interest loans. New members are generally referred by current members. Currently closed to new membership as the funds are under review. Keep a look out on our website for the launch of Fair Finance Australia, a company modelled on Faisel Rahmans’, Fair Finance UK. For more information contact: Website: www.foresters.org.au
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