Interest free for people facing crisis
Interest free for people facing crisis (ANTHONY KEANE) (Hat tip JK!)
INTEREST-FREE loans will be offered to people suffering from a financial crisis through a new program run by the Salvation Army and Savings & Loans Credit Union.
A 12-month pilot program will provide loans of up to $1000 to cover costs such as
whitegoods, medical equipment or supplies, hot water systems, funeral costs, and courses to improve employment prospects.
Strict eligibility criteria
- including willingness to participate in financial counselling will apply to the loans, which have an 18-month maximum term. Salvation Army divisional commander Major Dennis Rowe said financial difficulties could have "farreaching and devastating consequences".
"These loans will enable us to end the downward spiral and support these families
or individuals through a difficult period in their lives," he said. Savings & Loans is providing $50,000 for loans and $15,000 for financial counselling.
Chief executive Greg Connor said the program was part of the Adelaide-based
credit union's focus on corporate social responsibility.
"As a member owned organisation, we don't have the pressure to make big profits, which meanswe can focus on giving back to the community through programs such as this," Mr Connor said.
ok - so I'm thinking GREAT JOB! AND, why not more of it... how 'bout a national JUSTSalvo bank for the poor? just thinking outloud... and taking a page from Booth (over a century ago) and YUNUS (just the last few years modelling this in Bangladesh).