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NSW GOVERNMENT CONTINUES ITS VITAL SUPPORT OF NILS®

Wednesday, September 12, 2012
The Member for Dubbo Troy Grant today announced grants to deliver vital financial support services for struggling families and individuals who need access to fair, safe and equitable credit in the Dubbo electorate.

Riverside Lifehouse NILS® - Dubbo will receive $50,505.45, Parkes $25,252.73, Narromine / Trangie $18,939.54 and $25,252.73 for Forbes NILS.

Mr Grant said the grant is part of recurrent funding by the NSW Government as part of the No Interest Loans Scheme NILS®.

“Last July the NSW Government increased its funding to the NILS® program by $315,000, bringing the total annual funding for NILS® to almost $2.18 million,” he said.

“That’s meant an additional five NILS® services to support low income earners in communities where they need it most.

“As a result of the funding provided by NSW Fair Trading under its 2012 to 2014 NILS program, 62 NILS® services are available across NSW.”

Mr Grant said the Government’s funding provides for the cost of salaries for over 80 NILS® staff who facilitate access to interest free credit by overseeing the loan application and repayment process.

“This funding also provides for the employment of a full-time NILS® coordinator and the delivery of a 1800 free-call telephone service,” he said.

Mr Grant said NILS® offers dignity and stability for those who would otherwise do without or turn to high cost payday lenders, loan sharks and expensive ‘rent to purchase’ schemes just to buy the essentials for their home and family.

“NILS® offers interest free loans of up to $1200 to low income earners in difficult financial circumstances so they can buy critical household items or medical products and services,” he said.

NSW Fair Trading began funding administrative support for the NILS® program in late 2008. Since this time more than 9,000 loans totalling more than $7 million have been provided.

NILS® was founded by the Good Shepherd Youth and Family Service in Victoria in 1981 and is now the largest micro-credit network in Australia. National Australia Bank (NAB) provides loan capital of $17.9 million annually Australia wide with $6 million capital provided in NSW making it the leading state for NAB funding.

For the closest NILS® provider call the NILS® hotline on 1800 509 994 or visit www.nilsnsw.org.au

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