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Developed by Good Shepherd Youth & Family Service over 25 years ago, No Interest Loan Schemes (NILS) offer small no interest loans for people on low incomes for the purchase of essential household goods.
Good Shepherd Youth & Family Service co-ordinates the National NILS Network, currently consisting of 250 NILS programs around Australia and accredits community organisations to be NILS providers.
NAB in association with Good Shepherd Youth & Family Service, is making available $3.3 million in loan capital to grow NILS throughout Victoria. Both organisations are also working with the Victorian Government to help ensure the growth of NILS.
In addition, $2 million in loan capital has been allocated to support the expansion of NILS in New South Wales and the New South Wales Government will be providing $840,000 to accredited community organisations to administer and operate NILS throughout that state.
A further $4.7 million has been allocated to community organisations in Western Australia, South Australia, Tasmania and Queensland with the Queensland government also announcing funding of $1.2 million for new and existing NILS programs.
The NILS capital supplied by NAB, will essentially become community funds lent on an ongoing basis for continual "recycling" by community-based no interest loans providers.
To become an accredited NILS provider or to apply for a no interest loan,contact Good Shepherd Youth & Family Service on 03 9419 5477.
NILS is a registered trademark of Good Shepherd Youth & Family Service.
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