The New South Wales Government will invest an extra $99,000 a year to help struggling families access no interest loans, Fair Trading Minister Virginia Judge today announced.

Ms Judge said the funding is part of a $6.6 million funding boost for financial support services across the state, now worth $20 million over three years.

“The NSW Labor Government is serious about helping families in need, which is why we are committed to continuing our support for the No Interest Loan Scheme (NILS®),” she said.

“NILS® provides loans of up to $1,200 to help families in need purchase essential household items and medical goods and services.

“More than 1,500 people received NILS® loans in the 2008/09 financial year.

“The program has been an amazing success with a default rate of less than 5 per cent being recorded on these loans.”

Ms Judge said the extra $99,000 in funding will be divided between four NILS® providers:

• Metro Migrant Resource Service which covers Canterbury, Strathfield and Burwood - $16,428
• Anglicare South East at Eden which covers the Bega area - $16,428
• Gosford City Community & Information Services Ltd - $32,856 and
• Northern Suburbs Community Development Project based at Bulli and covering northern suburbs of Wollongong - $32,856.

“The funding will be used to help with the administration of the scheme,” Ms Judge said.

“I am proud to be supporting a program which can provide a loan that will allow people to see out the tough times with dignity.

“NILS® provides a safety net for many people who would otherwise be fprc high interest credit cards.

“Our goal is to stop the cycle of unmanageable debt and to provide quality and innovative community services to help those in need.”

The National Australia Bank supplies the loans capital for NILS® which are accredited by the Good Shepherd Youth and Family Service.

For more information on NILS® loans visit www.nilsnsw.org.au

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