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A Brisbane-based mortgage brokerage has announced that it would donate a share of its upfront commission to support charities battling to keep afloat amid the COVID-19 crisis.
Brisbane brokerage Edgeview Finance has announced that it will donate $500 for every loan it settles in an effort to support charities facing financial pressures in the wake of the COVID-19 crisis.
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Director of Edgeview Finance Daniel Peters said he hopes that the brokerage’s new initiative serves as an example for the broader business community.
“We want our contribution to charity to be significant, not a token,” he said.
“Rather than look at what our competitors were giving, or what a minimum acceptable pledge was, we worked out what was the maximum amount we could give.
“We want to set the benchmark for what’s possible.”
According to research from The Good Cause Co, the average business donates just over 1 per cent of its profits to charity. Edgeview Finance estimates it will donate approximately 20 per cent of its upfront commissions to charity.
Reflecting on the current operating environment for charities, CEO of The Good Cause Co, Jessica Bowman, commented: “Australian charities are struggling. Now, 17 per cent face foreclosure in the next six months if drastic action isn’t taken.
“Business can play a serious role in bridging the gap between what charities need to survive and any expected loss of income.”
As part of its initiative, Edgeview Finance will partner with up to 10 carefully selected charitable organisations, which include:
- GIVIT, which provides hardship assistance to Australians affected by crises, including natural disasters and the COVID-19;
- The Fred Hollows Foundation, which supports the blind and visually impaired; and
- Orange Sky, which provides support to approximately 116,000 Australians experiencing homelessness.
GIVIT founder and director Juliette Wright OAM concluded: “With negative economic impacts of COVID-19 being felt across Australia, we’re already seeing a significant increase in people needing assistance and expect this to rise over the coming months – including many who may never have found themselves in such a vulnerable position before.”
[Related: Bank offers up to $4k cashback for frontline workers]
