I'm joined by Natalie Vincent Chief Executive Officer of Ngā Tāngata Microfinance, she's been leading this team for two years now and she has quite a few years in nonprofit experience working for various organizations and social service and philanthropy. She has a heart for service and a passion for social justice. Not only is she the CEO of Ngā Tāngata Microfinance but also the chairperson of Little More Trust and a trustee of E Tipu E Rea Whānau Services and the Auckland Airport Community Trust.
Ngā Tāngata Microfinance is on a mission to empower people through financial education and to help make the most of their money so that they can take care of themselves and their families: by challenging the status quo; by promoting financial capability; engaging with the community.
They are a small, non-profit organisation focused on helping financially vulnerable Kiwi's get ahead with money. They provide ethical, interest-free loans that give Kiwis a ‘hand up’, not a ‘hand-out’.
When asked this question, Natalie responds with:
"At the moment they're just micro loans and we offer two different types of loans. One is a debt relief loan and one is what we call an asset building loans, so that's to purchase household essentials or personal well being assets. That could be training or someone that has some health needs and requires a small amount of money.
So an asset building loan is up to $2,000 and a debt relief loan is up to $3,000. The purpose of a debt relief loan is to help people that have got into a bit of trouble with some high interest debt and is stripping their budget each week. They just can't keep on top of it. So we could help them remove that from the budget and hopefully put their budget back into surplus. Our loans are interest free and fee free. So any repayments you're making go straight off the capital which is provided to us by Kiwi Bank and they provide us that capital free of charge.
So it's just an amazing sort of community finance model where the bank is providing that to support customers with financial vulnerability and we are loaning that money out and it cycles back in so that we can provide loans to others in need."
Watch the full interview below