Low interest loans get a boost

The National Australia Bank (NAB) today welcomed the Federal Government’s commitment to provide $18.5 million in funding to Good Shepherd Youth & Family Service and over 300 community agencies, to grow three NAB-supported microfinance programs aimed at financially vulnerable Australians.

The programs include the No Interest Loans Scheme (NILS®), Step-Up low interest loans and AddsUP matched savings scheme. All three programs will receive Federal Government funding.

NAB’s General Manager Community and Corporate Responsibility, Mr Tim O’Leary, said the funding will significantly assist the growth of the microfinance programs.

“People on low incomes often have great difficulty accessing mainstream financial institutions. The Federal Government’s funding means that over the next two years we will be able to double the number of financially vulnerable families we can help through these loans and savings programs.”

More information about NAB’s microfinance commitment can be found at www.nab.com.au/microfinance.

Source: NAB

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