Today marks an important milestone with the issuing of the 10,000th (NILS) loan – No Interest Loans Scheme of Tasmania.
NILS began in 2002 as a way of helping low income Tasmanians with credit difficulties to access funds for essentials like household or education items or medical and unexpected car expenses.
About 2,000 NILS loans are now issued each year at a value of $1.9 million through funding from the Department of Premier and Cabinet and the Department of Health and Human Services.
In 2014-15 the Government will provide recurrent funding of more than $470,000, including $320,000 to help with loan administration and the continued implementation of the Energy Efficient Appliances Program.
As almost all loans are fully repaid, the Government’s support for the NILS program is a hand up and not a hand out.
It helps low income Tasmanians access vital new essential items like a washing machine or new car tyres and avoid expensive rentals or loans.
The Government looks forward to continuing and improving NILS and its systems and servicing model, and also thanks the non-government organisations that help get NILS to the right people.
It is a great example of the Government, community sector and business working together to provide Tasmanians with the skills, experience and information to access affordable finance.
Sarah Courtney, Liberal Member for Bass
