The No Interest Loan Scheme (NILS) is a community managed microcredit state-wide program providing fee-free and interest-free loans.
Key information
- Status: Closed
- Grant amount: $4,070,000
- Application opened: 1 July 2023
- Application closed: 30 July 2024, 12:00 pm
Program objective
The objective of the NSW NILS Funding Program is to provide information and advice that assists clients in building financial capability, including, where applicable, access to interest free microcredit loans to low-income earners in NSW.
These grants provide funding toward the salaries and salary on-costs of employees of community based, non-profit organisations who operate a No Interest Loans Scheme in NSW.
The loans are available to people on low incomes for the purchase of essential goods and services such as fridges, washing machines and some educational and medical expenses.
Funding
$4.07 million is available for the 2024/25 funding period. Funding under the program is fully allocated until 30 June 2025.
This program is funded and administered by NSW Fair Trading.
Eligibility
Mandatory requirements
Organisations applying to the NSW NILS Program should be aware that NSW Fair Trading will only provide grant funds to organisations which have received or are deemed eligible for or are waiting to receive accreditation from Good Shepherd Microfinance.
The accreditation provided by Good Shepherd Microfinance requires commitment to and the signing of a Participation Agreement with the organisation.
You may be eligible for funding if your organisation:
- is deemed eligible for, or are waiting to receive, accreditation from Good Shepherd Microfinance,
- provides direct services to clients in relation to financial capability, and
- provides interest-free, fee-free microcredit loans to clients.
Who can apply?
To be eligible to apply for NILS funding, successful applicants must:
- operate and be based in NSW
- be a financially viable incorporated community based, non-profit organisation or registered charity who will utilize the funding to operate a NILS scheme free of charge to consumers within NSW, and
- demonstrate experience in delivering direct services to clients in relation to financial capability and microcredit loans.
Who can’t apply?
- Individuals.
- Organisations or businesses that may or will realise a commercial gain from the project.
- Organisations that are not accredited with Good Shepherd Microfinance.
Most recent recipients
What your application needs to include
Essential information
Your application must include:
- responses directly relevant to each of the selection criteria
- relevant and concrete examples of organisational experience and proposed service delivery
- references to support business activity claims, as well as past or current achievements
- details for a contact person for the application
- details for referees for the application who will be available for at least four weeks after the closing date.
Proof of eligibility
You application must include proof that your organisation is eligible.
Be sure to attach the following:
- A copy of your certificate of incorporation or an organisation registration certificate.
- Evidence that your current and future business activity takes place in NSW.
- Evidence that your organisation helps support clients in relation to their financial capability and microcredit loans.
Tips for your application
- Read through the program guidelines before you begin to prepare your application.
- Do not assume that your organisation is known to the assessment panel.
- Accurately reference the supporting material in the correct section of the application form.
- Provide full links rather than hyperlinks to reference in the application form.
- Do not attach unnecessary documents.
- Make sure you use the checklist before submitting your application.
After the application is submitted
Applicants will be informed in writing of the decision regarding their application.
Support and contact
If you need more information on eligibility, time frames or if you have questions about the application form email grants@customerservice.nsw.gov.au