ACT Microcredit Loan Program

What is the ACT Microcredit Loan Program?

The ACT Microcredit Loan Program is an initiative that provides low income earners with interest free or low interest loans to help them start or expand an existing business.

Background

The ACT Microcredit Loan Program was launched by the Minister for Community Services, Andrew Barr MLA on 24 February 2014. The program is delivered via a three-way partnership involving the ACT Government, Westpac Institutional Bank and Lighthouse Business Innovation Centre. This partnership seeks to provide fair, safe and ethical loans to people who, because of their circumstances, are not able to access mainstream financial services.

The ACT Microcredit Loan Program provides a limited number of low interest and fee-free loans from Westpac for eligible low-income earners who wish to start or expand an existing business. The program provides loan recipients with business skills development, individual mentoring, peer support and access to networking events.

The program will provide a range of services including an orientation session, business ideas assessment workshop, training, one-on-one mentoring, peer support and opportunities to attend events such as expert peer-led group discussions and networking events.

Objective

The focus of the Program is on skilling the loan applicants and recipients on business planning and management to ensure that only businesses that have a reasonable chance of success are supported.

Funding

The program provides an interest free loans of up to $3000 or low-interest loans of between $3001 and $10,000.

Eligibility

To be eligible for a no interest loan, you must:

have had a Health Care Card (for a period of at least six months), Pension Card or equivalent
have a combined family income no higher than $65,000 (including de facto relationship)
have been an ACT resident for minimum of six months (proof of residency required)
be setting up a business based in the ACT
be unable to get finance for your business or business idea from typical financial services

To be eligible for a low interest loan, you must:

have had a Health Care Card (for a period of at least 6 months), Pension Card or equivalent
have a combined family income no higher than $75,000 (including de facto relationship)
have been an ACT resident for a minimum of six months (proof of residency required)
have an existing or semi established business based in the ACT
be unable to get finance for your business or business idea from typical financial services

Timing

Applications open on an ongoing basis.

More Information

Source

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