A loan scheme established almost 20 years ago to enable low income earners to access to an alternative form of credit has marked three million dollars in loans.
The Josephite Foundation No Interest Loan Scheme (NILS) enables low income earners to access an alternative form of credit to purchase essential household items. Once the borrower begins repayments on the loan the funds are then available for someone else in the community to borrow.
Executive Officer with the Josephite Foundation, Kirsty Gilmore, said the NILS has expanded to regional communities including Lithgow, Cowra and Young.
Ms Gilmore said the NILS reached the $3 million dollar milestone in March and was achieved through 4,048 loans.
“So far we’ve loaned $3,004,000,” Ms Gilmore said.
Ms Gilmore believes what the NILS has achieved is pretty impressive.
“What we aimed to do is give people on a low income access to fair and affordable finance.”