Westpac, Australia’s oldest bank, is backing some of the country’s newest arrivals by putting $2 million into a microloan scheme, Thrive, which will give refugees microloans to start their own businesses. The bank will provide an interest-free loan facility and is seconding a banker as chief operating officer to the organization that will identify recipients, give them loans worth about $7500 and provide mentoring to help newly arrived refugees start businesses.
- Refugees settling in Australia now have a greater chance of starting a successful business, thanks to a new partnership between Westpac and not-for-profit microfinancing charity, Thrive.
- Eligible applicants will be sourced with the assistance of existing refugee settlement service providers, Settlement Services International (NSW) and AMES (Victoria).
- Mr George Frazis, Westpac Group Chief Executive of Consumer Bank said the organisation is honoured to partner with Thrive to offer meaningful assistance to refugees.
“The bank will provide funding without cost to Thrive, to ensure that the charity has a secure funding source to support new Australian refugees.”