February 19, 2018
Small loan improving quality of life
Peace of mind is on offer from a trust which loans small amounts to struggling whanau caught up by loan sharks.
Nga Tangata Microfinance has just had a capital boost from Kiwibank, meaning it will be able to make more loans.
Chief executive Robert Choy says the trust, whose administrative costs are covered by a grant from the J R McKenzie Trust, works through budgeting services who identify clients would could benefit from a small loan for household essentials or to restructure debt.
A recent evaluation confirmed it was making a difference.
"Over 70 percent of those who responded were able to significantly reduce the amount of family stress and increase the peace of mind they were able to obtain because of the loan, and really importantly over 80 percent found the loan was able to help them have more money, more food, better quality of food on the table, and to pay their bills," Mr Choy says.
So far 98 percent of Nga Tangata loans have been repaid, which is at the top end for microfinance lenders.
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