Interest-Free Micro-Credit Loans for Aspiring Business Women

Canberra women on low incomes will have access to interest-free loans of up to $3000 to help them establish or further develop their own businesses under a new ACT Government initiative.

Minister for Women Katy Gallagher said the ACT Women’s Micro-credit Program would provide $150,000 in loans to local women over the next four years.

“Originally started in 1976 by the Grameen Bank in India, micro-credit loans are small loans to individuals or very small business enterprises to assist in the creation or expansion of  micro-enterprises,” Ms Gallagher said.

“Micro-credit has been a principal tool in reducing poverty across the world.

“The program will provide opportunities for Canberra women on low incomes to increase their economic independence and reduce social security dependency.”

Ms Gallagher said the ACT Government would begin working in partnership with community organisations later this year to disperse the loans.

“The micro-credit program is complementary to the ACT Government 2007-08 budget initiative, the ACT Women’s Return to Work Grants Program, which began in February last year,” she said.

“The Return to Work Grants provide up to $1000 to women returning to the workforce after caring for a child.

“The grants have already helped many women to increase their employment opportunities by funding skills development or other employment related expenses.”

Media Contact: Kathryn Roberts Ph: 6205 0242(w) 0402 399 907 (m)