SUMMARY

The purpose of this enactment is to encourage a greater availability of banking and other financial services to those with low or unstable incomes and to increase the availability of credit in amounts up to $5,000 for small business.

It provides for a conference to be held with government, financial institutions, the cooperatives and other organizations already involved in micro credit, service organizations and small business. The purpose of the conference is to consider and recommend ways to improve the availability of micro credit. Such services would include provision of bank accounts and other financial services to the persons who are poor, unemployed or on welfare and those in particular need of financial guidance in the management of their limited resources. It would also include small business start up or operational loans of up to $5,000.

Existing programs would be included in the plan and provision made to facilitate a greater capital supply for them. The skills and contacts of social service organizations would be utilized.

The enactment also provides for a report to be published by the Minister of Finance annually to show the progress in improving micro credit by the financial institutions that agree to participate. Those institutions that attain a certain level of activity will be authorized to describe themselves as being recognized by the government as micro credit specialists.