Australians excluded from mainstream banks and services will be helped to access fair and appropriate financial products, including loans, under a $6.27 million Australian Government pilot.
The Minister for Families, Housing, Community Services and Indigenous Affairs, Jenny Macklin, launched the initiative at the Fitzroy and Carlton Community Credit Co-operative in Melbourne. The Co-operative is one of five community development finance institutions (CDFIs) across Australia that will be supported under the pilot project.
These institutions have all demonstrated a commitment to supporting vulnerable Australians to get access to financial services. They provide individuals and organisations who are able to repay a loan but who are excluded from mainstream banks and services with access to safe and affordable credit.