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Low income earners benefiting from finance partnership


Hon Anne Tolley

Minister for Social Development


28 October 2015

Low income earners benefiting from finance partnership

Social Development Minister Anne Tolley has welcomed the announcement that the Bank of New Zealand is to increase its support for the Community Finance initiative, which provides interest free and low interest loans to New Zealanders on low incomes.

The Ministry of Social Development partnered with BNZ, Good Shepherd NZ and the Salvation Army last year to develop the new pilot programme in South and West Auckland, which offers affordable and sustainable credit to individuals and families who have the ability to repay, alongside budgeting advice.

Loan applicants currently work with Community Finance Workers from the Salvation Army in Waitakere and Manukau, and can apply for support to purchase items which provide economic opportunities and improve the quality of life, such as cars and car repairs and household items such as appliances and computers.

“Community Finance offers an alternative to high-interest loans and the type of easy credit which has huge hidden fees,” says Mrs Tolley.

“I welcome BNZ’s commitment to this scheme, with the pledge of $50 million in additional capital funding, and also want to acknowledge the dedication and support of MSD’s other partners, Good Shepherd and the Salvation Army.

“Low-income earners are being given an opportunity to buy essential household goods and items for employment and education, without having to incur crippling debt levels, and we are currently looking at options to expand the initiative.”

ends

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