Research by the Centre for Social Impact found that three-quarters of users of StepUP loans "experienced a positive change in economic and social outcomes after receiving a loan through the not-for-profit program." The StepUP Loan program is a nine-year partnership between National Australia Bank and Good Shepherd Microfinance. Recently, the Australian Government chipped in funding. StepUP provides loans worth up to A$3000 at rate of 3.99 per cent. The study found that 64.6 per cent of loan recipients who used fringe lenders in the past stopped borrowing from them after their StepUP loan, while many others decreased the frequency of their use of fringe lenders.Since 2004, the program has provided 6800 loans worth $19.5 million.StepUP loans are only offered to people who cannot access other affordable credit products. Almost half the respondents had only a transaction account, with no access to credit or insurance. The program was found to provide a pathway out of this state of  "financial exclusion". CSI made several recommendations to improve the program. It suggested that affordable insurance be available for products purchased with funds from the program.It also recommended that the program mitigate geographical exclusion by increasing the number of StepUP sites (there are currently 35 sites).It pointed out some weaknesses in the program, including a lengthy application process, inability to provide credit immediately and ineligibility of the working poor for loans (most clients are on Centrelink or Age Pension benefits).Microfinance is not for the faint-hearted. The proportion of loans in arrears is 16 per cent, with six per cent over 60 days past due.CSI said there was scope to provide a lot more credit of this type. It estimates that only 1.4 per cent of all fully and severely excluded Australians who meet the eligibility criteria and require credit currently access StepUP loans.