Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


$4m for extending micro-financing

26 May 2016
$4m for extending micro-financing

Budget 2016 has provided $4 million over the next four years to provide greater access to microfinance for whānau.

Māori Party Co-leader Marama Fox says, “This funding will provide small-scale, low-interest loans to reduce the number of whānau accessing finance from loan sharks.

“The Māori Party has championed this initiative because trials held in the Auckland region have shown the long-term benefits of providing micro-financing.”

Māori Party Co-leader and Māori Development Minister, Te Ururoa Flavell says the $1 million of funding per annum will assist further micro-financial trails in high needs areas.

A study commissioned by Te Puni Kōkiri in 2014 shows that Māori earn less that the rest of New Zealand, have a lower level of savings and lower home ownership rates.

Mr Flavell says, “As a result, whānau can end up resorting to fringe lenders who charge often exorbitant interest rates and end up being trapped in a cycle of debt.

“This initiatives aims to improve financial independence for more whānau, including whānau-led small to medium enterprises.”

This initiative and $4 million Community Financing announced by the Social Development Minister in Budget 2016 will extend beyond the successful microfinancing trials undertaken in South and West Auckland, bringing the total investment in micro-financing to $8-million.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Demise Of The Tokyo Olympics

As the Covid vaccines roll out around the world, the Tokyo Olympics are looming as a major test of when (and whether) something akin to global normality can return – to international travel, to global tourism, to professional sport and to mass gatherings of human beings. Currently though, it looks like a forlorn hope that Japan will be able to host the Olympics in late July. Herd immunity on any significant scale seems possible only by December 2021, at the earliest... More>>


New Zealand Government: Cook Islanders To Resume Travel To New Zealand

The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such ... More>>


A New Year: No politicians at Rātana in 2021

Annual celebrations at Rātana pā will be different this year, amid a decision to hold an internal hui for church adherents only… More>>


Government: Pre-Departure Testing Extended To All Passengers To New Zealand

To further protect New Zealand from COVID-19, the Government is extending pre-departure testing to all passengers to New Zealand except from Australia, Antarctica and most Pacific Islands, COVID-19 Response Minister Chris Hipkins said today. More>>


Covid: Border Exception for 1000 International Students

The Government has approved an exception class for 1000 international tertiary students, degree level and above, who began their study in New Zealand but were caught offshore when border restrictions began....More>>





InfoPages News Channels