The St. Vincent de Paul Society and the Ursuline Sisters in Chatham, Ont., are not likely to make a dent in Canada’s $2 billion per year payday loan industry, but in their own small way will be taking them on.

On May 1, 2010 the Ursuline Sisters used $20,000 to launch a microfinance venture they call Angela’s Pocket. With close ties to The Women’s Centre and the local United Way, Angela’s Pocket has lent out about $8,000 in small loans to women who otherwise couldn’t raise money. The loans are for everything from a return to school to basic household appliances.