borrowers live in New South Wales, 55 in Western Australia and one in the Australian Capital Territory. Table 11: Breakdown of Many Rivers’ clients Client characteristics N % Aboriginal/Torres Strait Islander 107 75.3 Income under 50k 104 73.2 Clients who speak a language other than English at home 1 0.7 Person with a disability 1 Male 85 59 Female 58 40.8 Wages main source of income 22 15.5 Government payments or no income 122 86 Total clients 144 How many people met their loan obligations? Of the 122 loans Many Rivers made during the period (March 2011–June 2012), 76 people (62 per cent) were up-to-date with their loan repayments at the end of this period. Thirty-two people were in arrears (26 per cent), and 14 loans had been fully repaid (12 per cent). Clients that have not made a due payment are followed up by their Field Officer as soon as a repayment is missed. Many Rivers encourages clients to advise if there are business or personal issues impacting on repayments and the organisation will negotiate reductions in payment levels or deferral if warranted and approved by Senior Management. A defined escalation process is in place for clients that do not communicate with Field Officers, ultimately resulting in legal debt recovery action if required, there are no clients currently in this position. Loan Purpose Examples of businesses supported include: pet supply business florist homewares shop lawn mowing employment mentoring beautician semi-trailer driver café concrete contractor kerbing and paving mobile food/coffee van pub bistro honey producer cleaning/laundry artist taxi service health and fitness heritage surveyor Case studies Liz and Ruth* Indigenous sisters in a Goldfields community have started a cleaning, laundry and ironing business. only six months of operating Liz and Ruth have secured contracts with a number of local government agencies. These contracts were formalised with pro bono legal support from Squire Sanders, a Many Rivers partner. They are now trialling gardening, home maintenance and handymen services and employ local people on a casual basis as they expand their business.
Quantity—how much did we do? What types of products and services have been developed? The four active CDFIs developed a range of financial products and services. These are listed in the table below. 33: Products and services developed by CDFIs Product Service Outputs # Loan book value $ (at 13 June 2012) Support (e.g. money mentor, business planning) # people In-roads (Community Sector Banking) Personal loans $500-$3,000 unsecured 24month term Financial education Credit history information Assistance with debt renegotiation Referral to other support agencies 158 423,180 158 Fair Finance Personal loans $1,000-$4,000 (flexible) unsecured 12-24month term Financial education Credit history information Assistance with debt renegotiation Referral to support agencies NILS 61 164,402 122 Fair Loans Personal loans $1,000-$3,000 unsecured 12 month term Mentor offers telephone and email support with budget development Indigenous Money Mentor offers face to face support with loan applications in Penrith/Blacktown Website has resources (e.g. budget planner, information for debtors, Understanding money website). 834 1,571,500 604 Many Rivers Small business loans $500- $20,000 unsecured 6month-3year term Enterprise support, business coaching and development including bookkeeping and financial literacy 122 668,545 367