Good Money is celebrating its 5th anniversary nationally since opening its first store in Victoria in 2012.
This Victorian grown innovation has expanded from one Good Money store to seven nationally, providing fair and affordable finance in communities around Australia.
Over the past five years, Good Money stores have provided more than 5,000 no and low interest loans worth more than $5.6 million to Victorians living on a low income, providing them with access to essential whitegoods, medical treatments or school supplies.
Good Shepherd Microfinance CEO, Adam Mooney, said the store concept was brought to life through an innovative partnership between Good Shepherd Microfinance, the Victorian State Government and NAB.
“We initially opened the Geelong store as a trial, to explore new ways of delivering financial services to people currently experiencing financial exclusion,” said Mr Mooney.
“The store was so successful that we ended up opening two more stores in Victoria that same year, which shows that this innovative solution is responding to a community need.
“Our strong partnership with NAB and the Victorian Government has been instrumental in Good Money’s growth and success that we see today.
“We know that more than 1.1 million people in Victoria would be eligible to access the No Interest Loan Scheme (NILS) through Good Money, so we wanted to take this opportunity to remind people who live in Victoria that there are positive options available in times of need,” said Mr Mooney.
Minister for Families and Children, Jenny Mikakos, said easy access to affordable finance was important to help individuals and families on low incomes meet the increasing costs of living.
“This is about helping people experiencing financial hardship buy vital, everyday things like fridges, washing machines, or computers to help them get by – without needing to resort to pay day lenders,” Ms Mikakos said.
“Good Money hubs are providing meaningful support to people who are struggling – helping people avoid the cycle of debt.”
NAB General Manager of Retail in Victoria, Mary Scoutas, said the bank was delighted with the success of the Good Money community finance concept.
“We know that almost 65 percent of people across Australia are experiencing some form of financial stress or vulnerability, and we know that sometimes a small loan can make all the difference,” said Ms Scoutas.
“That’s why NAB is committed to addressing financial exclusion through supporting initiatives like Good Money that build the financial resilience of communities.
“NAB is the only bank to have taken bold action on the issue of financial exclusion by providing $130 million in capital for Australians on low incomes. We believe in backing people and supporting them in times of need so they can become more financially resilient in the long-term.”
About Good Money:
- Good Money launched five years ago and has grown to seven stores, including Dandenong, Collingwood, Geelong and Morwell in Victoria, Southport and Cairns in Queensland and Salisbury in South Australia.
- Good Money stores have provided more than 5,000 no and low interest loans, worth more than $5.6 million, to people on low incomes in Victoria.
- Nationally, Good Money has served more than 33,000 customer interactions, approved almost 6,000 loans valued at over $8.5 million
- 57% of loans were provided to women.
- Good Money in Victoria is supported by the Victorian Government and NAB.