Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Huge capital boost for Ngā Tangata Microfinance


A massive funding injection will allow Ngā Tangata Microfinance to help hundreds more vulnerable Kiwis to escape the punishing cycle of debt caused by predatory lending practices.

Kiwibank has more than doubled the loan capital it provides to Ngā Tangata Microfinance (NTM) to $500,000 – a boost NTM Executive Officer Robert Choy says is huge for the social lending trust and the people it helps.

“It allows us to provide more loans to more people, and to grow in direct response to what is a worrying proliferation of payday and predatory lenders in New Zealand.”

NTM provides no-interest loans to qualifying clients for family well-being and relief from high-interest debt.

Partnering with local budgeting advisors, NTM has disbursed more than $700,000 in no-interest loans to more than 300 clients, with 70% of the support being for relief from high-interest debt.

But requests for help continue to trend up – 30% more NTM loans were approved in the past 12 months compared to the previous year.

“That’s why our partnership with Kiwibank and the increased capital support is so crucial,” says Mr Choy.

“We’re still relatively small but having more loan capital means we can help more people in more areas throughout Aotearoa. It’ll go some way toward countering the explosion in predatory and ‘fringe’ lending, particularly through online channels.”

Mark Wilkshire, Kiwibank Group Manager Marketing, says NTM is making a massive difference to help Kiwis create stronger financial futures.

“We’ve seen the extraordinary success Ngā Tangata has had in helping people break free of the cycle of debt. Coupled with support from budgeting services and their advisors, Ngā Tangata is building long-term financial inclusion, capability and independence.

“For those NTM has worked with, it’s life-changing stuff. That’s why we’re increasing our support – to change the lives of even more people for the better.”

NTM will celebrate seven years in operation at a special event hosted in west Auckland on February 23. Special guest at the event will be Carmel Sepuloni, Minister for Social Development and Disability Issues.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Getting To Zero: Challenging But Achievable

Today we released our draft report on how New Zealand should transition to a low-emissions economy. New Zealand has had climate change policies in place for some time but these have not been effective in reducing domestic emissions. For businesses, households, investors and consumers to manage the risks and seize the opportunities of moving to a low-emissions future, change is needed.

“Our report shows that major changes will be needed”, says our Chair, Murray Sherwin, “Emerging technologies are likely to play a large role in facilitating those changes and creating new opportunities for New Zealand. Our inquiry shows that, if credible and stable climate policy can be established now, businesses, households and consumers will be better able to plan for change and manage the risks of moving to a low-emissions economy.” More>>

 

Gordon Campbell: On The Perils Of Using PPPs To Meet Auckland’s Roading Needs

Earlier today, Transport Minister Phil Twyford announced that one of two new roads that the government would be co-financing would be a PPP – namely, the Penlink project that will link the northern motorway to the Whangaparaoa Peninsula. More>>

ALSO:

PM's Europe Trip: CHOGM & Bilateral Meetings

Prime Minister Jacinda Ardern is in Europe for the Commonwealth Heads of Government Meeting (CHOGM) in London and meetings with counterparts in Paris and Berlin. More>>

ALSO:

Gordon Campbell: On Thompson + Clark & Russia’s World Cup

Daily, the coalition government keeps running into examples of the toxic legacy left behind by National – and just as regularly, even the simple fixes are proving stubbornly difficult to enact. Take the case of the security firm Thompson + Clark ... More>>

ALSO:


HiveMind: Fair Enough? How Should New Zealanders Be Taxed?

Have Your Say - Scoop and PEP invite you to share your issues, ideas and perspectives on the NZ tax system with other New Zealanders using Scoop’s HiveMind tool. This Tax HiveMind is intended to complement and feed into the review being run by the Government-appointed Tax Working Group (TWG), which is looking at the fairness, balance and structure of the tax system with a 10-year time horizon. More>>

ALSO:

Addressing Climate Change: No New Offshore Exploration Permits

The Coalition Government is taking an important step to address climate change and create a clean, green and sustainable future for New Zealand, Prime Minister Jacinda Ardern announced today. More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages