NAB launches micro credit initiatives
(27 April 2006 – Australia) National Australia Bank has set aside A$30 million for a number of "micro credit" initiatives.
The initiatives will include A$18 million in loan capital for micro enterprise development loans over the next three years, and a pilot mentored loans program which kicks off in 2007.
Some A$10 million will go to No Interest Loans Schemes over the next three years, with A$3.3 million in loan capital to be made available through the bank’s Good Shepherd Youth and Family Service.
Another A$2 million will support expansion of NAB’s Good Shepherd program from five pilot locations in NSW and Victoria to South Australia and Western Australia.
"NAB is committed to backing people through the delivery of a range of financial services," NAB CEO Australia Ahmed Fahour said.
"We believe it is important to back customers not simply bank them. There is an obligation on us to make sure we extend this to include individuals and families who have the aspiration, but for whatever reason, not the luck," he said.
Some A$10 million will go to No Interest Loans Schemes over the next three years, with A$3.3 million in loan capital to be made available through the bank’s Good Shepherd Youth and Family Service.
Another A$2 million will support expansion of NAB’s Good Shepherd program from five pilot locations in NSW and Victoria to South Australia and Western Australia.
"NAB is committed to backing people through the delivery of a range of financial services," NAB CEO Australia Ahmed Fahour said.
"We believe it is important to back customers not simply bank them. There is an obligation on us to make sure we extend this to include individuals and families who have the aspiration, but for whatever reason, not the luck," he said.
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