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The provincial government is investing in a project to assist low-income people in managing their money in an attempt to tackle the problem of payday lending companies that provide short-term loans at high interest rates.
The Community Financial Service Centre, an initiative by the North End Community Renewal Corporation, will provide money-management training as well as small, low-interest, short-term loans to help its clients improve their credit history.
"It'll give people alternatives," said Manitoba Finance Minister Greg Selinger. "Instead of going to payday lenders, they will get ID, they will get access to mainstream institutions, they will get support on how to do better financial planning. All of those things will reduce their dependence on payday lenders."