News
In-roads into financial wellbeing
Posted on Wednesday, 31 August 2011 | Permalink
Ending the debt cycle and building financial wellbeing for disadvantaged Tasmanians will be a special focus for a national pilot program launched in Tasmania recently.
The pilot program, In-roads, is a partnership between the O group and Community Sector Banking (CSB) - Australia’s first and only banking service specialising in the not-for-profit sector.
• O group chief executive officer Andrew Billing, In-roads general manager John Giles and relationship manager Ken Langston at the recent announcement.
The pilot scheme, funded under the Federal Government’s Community Development Financial Institutions program, aims to improve the financial knowledge and resilience of vulnerable individuals and their families.
O group is making the scheme available through its CHOOSE employment sites statewide.
“In-roads offers fair, affordable and appropriate loans and education to members of the community who as a result of having no credit history may not be serviced by the mainstream banks,” O group chief executive officer Andrew Billing said.
“It also builds financial knowledge and resilience for people we work with.
“The personal loan program is designedto help people get their lives back on track.
“In-roads also provides tailored, realistic education, helping people make sound financial decisions.
“For some people, it’ll be their first formal loan, so it’s crucial to know the basics, especially budgeting and managing repayments.”
CSB executive director Peter Quarmby said In-road’skey strength was the partnership with local not-for-profit organisations such as O group who had a successful track record in providing services to communities all over Tasmania.
“People are applying through an organisation they know and trust, understands their circumstances and has enormous local credibility,” he said.
“In-roads is part of a long term strategy to assist vulnerable Australians out of the poverty cycle.”
