Families in the Latrobe Valley experiencing financial difficulty will have access to more affordable financial products and services through a new Good Money Hub in Morwell.
The Andrews Labor Government is investing $2.3 million for the hub, in partnership with Good Shepherd Microfinance and the National Australia Bank.
The funding is part of the $174 million Latrobe Valley Community Investment and Infrastructure fund.
The hub will provide a one-stop-shop for the Morwell community by providing financial services including no interest and low interest loans to people experiencing disadvantage.
The stores offer no-interest and low-interest loans to pay for life’s essentials, such as fridges, washing machines, education and medical expenses. They also provide referrals to services such as financial counselling.
The Morwell Hub builds on the success of Good Money Hubs already established in Dandenong, Collingwood and Geelong.
Microfinance products and services provided by Good Money hubs are proven to help people by stabilising their finances and preventing further financial stress and hardship.
Since opening in 2012 the three Good Money hubs have received over 23,000 inquiries and delivered over 3000 no interest loans and more than 1000 step up loans.
Research conducted by RMIT University in 2014 showed that more than 90 per cent of Good Money clients experienced a positive outcome as a result of their experience.
The Good Money Hub will begin operating from the Latrobe Valley Authority site in Morwell in January.
Quotes attributable to Minister for Families and Children Jenny Mikakos
“The Andrews Labor Government is providing families in the Latrobe Valley who are doing it tough with more affordable financial support.”
“Good Money services are having a big impact where the hubs have already been established, and the Government is giving the same support to families in the Latrobe Valley.”
Quotes attributable to Good Shepherd Microfinance CEO Adam Mooney
“Good Money will enable people in the Latrobe Valley to keep their cars on the road, meet the costs associated with education and retraining, and afford the things that keep families running.”
“There is high demand for safe, fair and affordable finance options in many parts of regional Victoria and we’re delighted to open a Good Money store here in Morwell. This store will provide valuable services to individuals and families who are excluded from mainstream finance in the Latrobe Valley region.”
Reviewed 19 August 2020