“The Josephite Foundation has been providing No Interest Loans in the communities of Cowra, Cabonne and Weddin since 2002,” Kirsty Gilmore, Executive Officer of the Josephite Foundation said

“But as with access to most community aid and support programs, part of our elligibility criteria in the past has restricted access to our loans to people who are on a Centrelink Benefit or that have a Centrelink Healthcare Card.

“Unfortunately, there are a large number of people in the workforce that are on low incomes that aren’t elligible for Centrelink Benefits or a Healthcare Card, and as such are unable to access community support programs and are financially excluded from accessing fair and affordable credit through a Financial Institution.

“This makes this group of people particularly vunerable to predatory short term money lenders and consumer lease providers who charge exorbitant fees.

“For example the purchase of an essential item such as a refigerator through a consumer lease provider with a rent/buy facility, can result in the client paying up to three times the retail price of the item by the time they have paid it off.” 

The Josephite Foundation Cowra No Interest Loans Scheme (NILS) is part of the nationwide Good Shepherd Microfinance NILS Network.

NILS is a no interest and no fee loan offered to people on low incomes for essential goods and services, some medical expenses and educational requirements.

Loans are available for $1,000, and in the instance of energy efficient electrical goods, up to $1,200.

Loan repayments are set at an affordable amount over a period of 12 to 18 months and can be as small as $20.00 a fortnight.

The elligibility criteria for applicants in the workforce that are not in receipt of a Centrelink Benefit or the holder of a Centrelink Healthcare card is based on a percentage of the annual household median income and the household type (ie. The number of adults and dependant children in the family).

The Josephite Foundation also operates NILS programs in Bathurst, Lithgow and Young, and since their first loan was issued in 1999, they have assisted more than 3,800 people in these communities to access fair and affordable credit and have lent out in excess of $2.8 million in recycled loan capital.

“We are very proud to be able to offer people in rural communities access to such a wonderful loan program, and hope that by opening our elligibility criteria to include low income earners in the workforce, we are able to reach many more people in the community who have limited access to finance for essential household items.”

The Cowra NILS program is based in the Cowra Community & Neighbourhood Centre at 15 Vaux Street, Cowra and is operational Tuesday and Wednesday.

For more information in regards to the loans and elligibility criteria please call Debbie Butwell on Ph. 02 6340 1100.

Note: Loans are not available for cash, debt consolidation, payment of ongoing expenses (utilities and rent etc) or holidays.