Good Shepherd Microfinance, Australia’s largest microfinance organisation, and National Australia Bank have welcomed the Victorian Government’s continued investment in the innovative and successful Good Money program, with $7.2 million committed over four years.
Good Money provides safe and affordable financial services for people on low incomes from three prominent ‘high street’ locations in Collingwood, Geelong and Dandenong. More than 15,000 Victorians have contacted the three Good Money stores over the past three years, with around 1,600 accessing no interest and low interest loans for essential household goods and services.
Good Money is a partnership between Good Shepherd Microfinance, National Australia Bank and the Victorian Government, and is a great example of the community, corporate and government sectors working together to tackle financial exclusion.
“The Victorian Government played a leading role in establishing Good Money and is leading the nation in addressing financial exclusion,” said Adam Mooney, CEO of Good Shepherd Microfinance.
“Good Money offers a lot more than loans. Every client has a financial conversation which can help break the cycle of disadvantage – 92 per cent of clients felt they were better able to budget after speaking with Good Money.
“The Victorian Government funding means Good Money will continue to provide inclusive, fair and suitable financial services for Victorians,” he said.
Corinne Proske, Head of Community Finance and Development at NAB, said that Good Money is an example of how new approaches to community finance can help tackle financial exclusion.
“We need to offer people on low incomes a viable alternative to high cost payday lenders. We know that Good Money is doing just this with more than half of its customers saying that they do not intend to use a fringe lender again. This model, with the Government’s support, is helping us explore innovative alternatives to address the issue of financial exclusion,” she said.
Following the success of its three Victorian stores, and thanks to the support of the South Australian Government, Good Money will be opening a new store in Salisbury, South Australia in the coming months.
www.goodshepherdmicrofinance.org.au or @MicrofinanceGS
About Good Money
Good Money provides safe and affordable financial services for people on low incomes, including:
- No Interest Loans – loan of between $300 – $1,200 for essential goods and services such as fridges, washing machines or car repairs.
- StepUP Loans – low interest loans of between $800 – $3,000 with no fees and affordable repayment periods.
- Adds Up – a matched savings plan offered to people who have successfully repaid a No Interest Loan or StepUP loan.
- Financial counselling – information, support and advocacy to assist people in financial difficulty.