Alternative Media Group

No-interest finance for inner-west battlers

Author:

Shant Fabricatorian

Posted:

Thursday, 28 April 2011

For low-income households living ‘paycheck to paycheck’, it’s frequently difficult to be able to access small, no-interest loans to put towards buying basic household items like washing machines, refrigerators or furniture. Recognising this difficulty, the Metro Migrant Resource Centre has moved to make such loans available for battlers, recently launching the No Interest Loan Scheme (NILS) for residents of the Marrickville, Canterbury, Bankstown, Strathfield and Burwood council areas.

NSW NILS Co-ordinator, Lyn Trindall, said the scheme was first developed by the Good Shepherd Youth and Family Service in Victoria.

“NILS starts with money contributed by donors, which is loaned to eligible people on low income. As loans are repaid, money becomes available to lend to someone else,” she said. “It’s a form of circular community credit and a real demonstration of the community in action.”

NILS loans are available to low-income earners, including anyone who receives income support from Centrelink, holds a Centrelink Health Care Card or a Pension Card. Applications are also accepted from people who may not be on income support, but are able to demonstrate hardship.

Applicants must have lived in the nominated areas for at least three months.

Executive Director of the Metro Migrant Resource Centre, Violet Roumeliotis, said staff and management were grateful for funding provided by donors and government agencies. “Poverty alleviation is a core area of what we do, and NILS will complement other important initiatives such as emergency relief, volunteer and tenancy services,” she said.

For more information or to request a NILS Loan Application Kit, please contact Marieke Heeremans, NILS Program Officer at the Metro Migrant Resource Centre, on 9789 3744 (Thursdays and Fridays from 9am till midday).

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