The Centre for Rural Communities (CRC) / (f)inc No Interest Loan Scheme (NILS) for East Gippsland enterprise development.
The CRC in partnership with (f)inc established the East Gippsland NILS in 2016. The CRC placed $5,000 of its own funds into a NILS account.
A NILS is a support mechanism used by a number of agencies in Australia – generally to assist people to purchase whitegoods or undertake household repairs. One NILS in Tasmania works for enterprise development but recipients must be health card holders.
The East Gippsland NILS is solely for enterprise development – private or community enterprise and it has a focus toward young entrepreneurs – 18 to 30 year olds – though won’t preclude other age groups. We think this is the first NILS of this type in Australia.
Put simply the East Gippsland NILS can (dependent on the availability of funds) make loans of up to about $2,000 to the entrepreneur to assist in the establishment of a new or expanding business.
No interest is payable on the loan. Capital repayments can be set at a rate to suit the enterprise. There can be a repayment free period. Repayments would be expected monthly. It is hoped that a loan can be repaid within two years.
The East Gippsland NILS will only accept applications that are socially and environmentally friendly and fit the broad philosophy of the two organisations (supporting local communities, environmentally and socially friendly, non-exploitative).
Please contact us for more information.