Financial Resilience, or microfinance, provides financially vulnerable people with access to safe and affordable financial products including no interest loans, low interest loans, microenterprise development loans and matched savings that are not available through mainstream providers of financial services. These products are offered as an alternative to other high risk, high interest products such as payday loans.
The products are provided in conjunction with financial literacy education to improve financial capacity and lead to greater self-reliance, assisting people to build assets, develop savings and commence on the pathway to financial inclusion.
No Interest Loans (NILS)
No Interest Loans (NILS) are available for amounts of up to $1,200. Are you eligible for a NILS loan?
Loans can be used for a range of purposes including household items like a fridge or washing machine, car registration/repairs, furniture or computers. The repayments are arranged with you so that they are affordable.
Low Interest Loans (StepUP)
Low Interest Loans (StepUP) are available for amounts of up to $3,000. Are you eligible for a StepUP loan?
Loans can be used for a range of purposes including household items like a fridge or washing machine, car repairs, household repairs etc.
Saver Plus provides an opportunity to have every dollar saved (up to $500) matched with an additional dollar for your own or your family’s education-related expenses for items such as computers, uniforms and books. On average, clients participate in the program over a 10-month period, with flexibility in the amount of time a participant can take to complete the program. Participation in four MoneyMinded financial education sessions is part of the program. Are you eligible to participate in the Saver Plus program?
Microenterprise Development: Microenterprise (small business) development organisations support individuals on a low income to increase their business planning and workforce skills, support the development of a small business (microenterprises - including providing one-on-one mentoring), and facilitate access to loans. Organisations are required to leverage funding from alternate non-government sources to build the sustainability of the organisation.
Microenterprise development services funded by DSS include: