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Ahmed Fahour, NAB CEO Australia, today announced a series of initiatives that will see up to $30 million in loans allocated to individuals and families who have the aspiration to get ahead but are financially marginalised.
"NAB is committed to backing people through the delivery of a range of financial services. For some time we have been thinking about how we back people who don't necessarily have the ability to borrow money, but need access to safe and affordable credit," Mr Fahour said.
"Since 2004 we have been involved with different micro-credit initiatives. We now plan to significantly lift our commitment to programs that provide small, safe and affordable loans to people on low incomes."
The initiatives announced by Mr Fahour include:
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$18m in loan capital for micro-enterprise development loans over three years and a pilot mentored-loans program operating within the next year.
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$10m in loan capital for the growth of No Interest Loans Schemes (NILS®) - an initiative of Good Shepherd Youth and Family Service - across Australia over the next three years. This will commence with $3.3m in loan capital made available through Good Shepherd to support the growth of no interest loans schemes across Victoria.
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$2m to support a doubling of the reach of NAB's and Good Shepherd's low interest loan program (StepUP) from five pilot locations in NSW and Victoria to include South Australia and Western Australia. A new low-cost insurance product will also become available for StepUP customers.
"Our aim is to deliver these programs with community partners, State, Territory and Federal governments.
"We believe it is important to back customers, not simply bank them. There is an obligation on us to make sure we extend this to include individuals and families who have the aspiration, but for whatever reason, not the luck," Mr Fahour said.
The announcements were made in a speech by Ahmed Fahour given to the International Chambers of Commerce Business Forum in Melbourne on 26 April.
View Mr Fahour's speech - Backing People Not Just Banking Them
View background information on NAB micro-finance initiatives
For further media information, please contact:
Geoff Lynch
Head of Media Relations - Australia
03 8634 1564
0405 319 819
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