Micro-loans to give Tasmanian businesses a big boost

Tasmanian customer owned bank, Bank of us will announced its partnership with NILS Tasmania on Friday, 9 July 2021, in Launceston.

The Partnership will help to improve the lives of low-income Tasmanians through practical and respectful financial assistance.

Bank of us CEO Paul Ranson said the partnership with NILS Tasmania is part of Bank of us’s strategy to deliver on its brand promise to be the Bank of the community.

“We care about the community we do business in, and over the year’s we’ve been able to support many of Tasmania’s leading events, and contribute to local community groups, sporting clubs and charity organisations.

Our partnership with NILS Tasmania is so much more than a community grant or sponsorship. As a customer owned bank, we reinvest our profits to benefit our customers and the community, and we know that by supporting NILS Tasmania by providing $450 000 in capital at no cost, that our financial support is delivering positive tangible results for Tasmanians.

Nils CEO John Hooper said the partnership came at an opportune time.

“Our relationship with Bank of us will help us to continue to provide no interest loans to those Tasmanians on low incomes who just need a leg up to get their business dream off the ground or give it a boost.  We know these loans are life changing and enable many of our clients to not just create work for themselves, and move off Centrelink payments, but over 20 % then employ others as well,” said Mr Hooper.

The Micro Business no interest loans of up to $3,000 are designed to help those wanting to start or boost their business.

“It is a privilege to partner with a company like Bank of us, a Tasmanian customer owned bank, that shares our strong commitment to the community, and creating opportunity for Tasmanians. This relationship immediately means we can greatly expand the number of loans we offer, and most importantly enabling people to show what then can achieve through their business, and along the way boost local economies around the state.”

Balloonies Studio owner, Tina Kalpenos knows firsthand the positive impact a NILS Micro business loan can have on a business.

“We applied for a $3000 NILS Micro Business loan in September 2019,” said Ms Kalpenos.

It (the loan) helped us expand the business to include a better range of products and start hiring props, giving us the kick start to grow the business.

Today, our range has grown, and we are always working on the next exciting product to bring to our customers.” 

The No Interest Micro Business Loans Scheme is jointly supported by the Tasmanian Government, Good Shepherd and Bank of us. For more information visit nilstasmania.org.au