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The Tasmanian government has tracked activity from the No Interest Loan Scheme Tasmania (NILS), after the state committed $4.5 million over the next four years to the lender.
Loans from NILS Tasmania rose by 41 per cent over the year, to 3,555 in 2021, with the state government noting it had provided a new commercial digital loan management system.
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NILS had also partnered with Tasmanian mutual Bank of us during the year, with the bank providing $450,000 in loan capital for the scheme’s Micro-Business loans, targeted towards low-income earners trying to start or to boost an existing small business.
The interest and fee-free loan of up to $3,000, can be used for start-up costs, insurance and registration or equipment purchases.
The state government had also committed to doubling the funding for the NILS Energy Saver Loan and Subsidy from $1 million to $2 million over a four-year period, aiming to help people “stay out of the debt trap of payday lenders and to better manage their finances”.
The Tasmanian government recently confirmed a second round for its business support program, with cash grants between $1,000 and $5,000 for businesses hit by COVID restrictions.
It also recently launched a financial assistance package for around 50 property buyers left in limbo, after two local construction companies went under.
It followed $10,000 cash grants to support the construction of granny flats specifically to rent, with an aim to create more housing for locals.
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