Westpac Banking Corporation, an Australian commercial bank, announced that it would begin to offer matching funds for loans made by its employees to poor entrepreneurs in the Asia-Pacific region through the microfinance site http://www.goodreturn.org, which allows individuals to make loans to microentrepreneurs via microfinance institutions. The bank will then match the loans dollar-for-dollar. The program is part of an initiative between Westpac and the organization running Good Return, World Education Australia, a nonprofit organization that focuses on microfinance and financial literacy.
About Westpac Banking Corporation
Westpac Banking Corporation is an Australian commercial bank with AUD 590 billion in total assets (the equivalent of USD 540 billion) as of September 30, 2009. Founded in 1817, Westpac has over 5 million customers. The bank supports efforts to extend financial services to unbanked indigenous people in the Pacific region by providing matching funds for microfinance loans made by its employees. The bank also provides loans to small and medium-sized enterprises in Australia.
About World Education Australia
World Education Australia is an independent nonprofit organization that seeks to improve the lives of the poor with microfinance, financial literacy and livelihood programs for indigenous Australians and Pacific islanders. World Education Australia operates the microfinance portal http://www.goodreturn.org that allows individuals to support the lending portfolio of microfinance institutions.
By Eric McKay, Research Assistant
Bibliography
[1] Westpac Banking Corporation Press Release, “Westpac announces Australian first in microfinance loans matching program”, http://www.westpac.com.au/about-westpac/media/media-releases/2010/11-March-2010
Additional Links
MicroCapital Universe: Westpac Banking Corporation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Westpac+Banking+Corporation
MicroCapital Universe: World Education Australia: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Education+Australia
Good Return Homepage: http://goodreturn.org/home.aspx
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