|
The New South Wales Government has announced it will be providing $840,000 to accredited community organisations to administer and operate No Interest Loan Schemes (NILS®) throughout the state.
NILS was developed by Good Shepherd Youth and Family Services 26 years ago, as a community-based micro-credit scheme for people on low incomes to purchase essential household goods and services. The loans are generally less than $1000.
In 2006, NAB announced it would provide $10 million in loan capital to expand NILS Australia-wide with $1.9 million being allocated to New South Wales.
With the New South Wales government's decision to fund the administration of NILS, more families will now have access to this money for no-interest loans.
Commenting on the announcement, the Premier of New South Wales Morris Iemma said:
"Not only will struggling families have access to money that will improve their lives, it will keep the most desperate away from the loans sharks who constantly circle them."
"I am grateful for the generosity of the National Australia Bank and I am hopeful other financial institutions will contribute capital funding for loans."
To read more about NILS
http://www.nab.com.au/About_Us/0,,94880,00.html#No_Interest_Loans_Schemes_(NILS_1_)
® NILS is a registered trademark of Good Shepherd Youth and Family Service.
|
