Answers to Questions

Good Money Store Salisbury

41 Dr McFETRIDGE (Morphett) (30 July 2015). In reference to the Good Money store in Salisbury—

1. How much funding assistance was provided in 2014-15 to the Good Money store in Salisbury in partnership with Good Shepherd Microfinance?

2. How many people utilise their services?

3. How many businesses have successfully been generated as a result of this initiative?

The Hon. Z.L. BETTISON (Ramsay—Minister for Communities and Social Inclusion, Minister for Social Housing, Minister for the Status of Women, Minister for Ageing, Minister for Multicultural Affairs, Minister for Youth, Minister for Volunteers): I have been advised:

1. $668,000 was provided in 2014-15 to Good Shepherd Microfinance to establish the Good Money Store in Salisbury, to support the introduction of the Debt Deduct Program and the expansion and coordination of microfinance products in South Australia.

The Good Money Store provides safe and affordable financial services for people on low incomes. This includes no and low interest ethical loans such as the No Interest Loans Scheme (NILS), which can provide loans between $300 and $1,200 for essential goods and services such as fridges or education expenses, or other products such as matched savings plans and referrals to other services.

Good Money Stores provide an alternative option to pay day lending and the store on John Street Salisbury, is the first Good Money Store outside of Victoria.

2. The Good Money Store opened to the public on 15 July 2015. As at 31 December 2015, the Good Money Store has had 1,150 enquiries for loan products with 206 face-to-face interviews resulting in 110 approved loans.

3. The Good Money Store has been developed to assist individuals with access to personal finance. It is not designed to generate new businesses.