13 May 2015

National funding for microfinance

NAB has welcomed funding in the 2015 Federal Budget to help support the No Interest Loans Scheme.

There has been $33.3 million allocated for NAB’s community partner, Good Shepherd Microfinance to continue to provide no interest loans to people on low incomes.

NAB and Good Shepherd Microfinance have worked together since 2003 to address financial exclusion, providing more than 100,000 no or low interest loans to people living on low incomes in Australian. NAB also offers microenterprise loans to help people who can’t access mainstream finance to start their own businesses.

NAB has committed $130 million in capital to support lending to people on low incomes. Together, NAB and Good Shepherd Microfinance have set a goal of improving financial inclusion for one million people on low incomes by 2018.  For more information on NAB’s work in this area, including the 2013 Measuring Financial Exclusion in Australia report, please visit nab.com.au/microfinance.

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