Community Finance Partnerships (CFPs) span the boundaries between the public, private and voluntary and social enterprise sectors to use finance for social impact. CFPs are designed to bring community and economic benefits to an underserved area by providing, in one place and at one time, a full range of financial advice and support.
The CFP approach builds an integrated partnership of established and highly experienced local organisations already delivering community and financial support, savings and loans and small business advice. It creates a hub for support and innovation.
Through these partnerships we can support better financial management, greater confidence to manage finance, an appreciation of the help already on offer and greater capability for starting small or community enterprises.
We are establishing several community finance partnerships.
We are currently piloting the CFP approach in three areas of London, with the support of City Bridge Trust, and under the leadership of our members Fair Finance and London Small Business Centre. A community catalyst is working with each partnership to build relationships, identify local needs, promote solutions and source finance.
We have also piloted the CFP approach in Bristol. A partnership of local trusted organisations has developed BOOST Finance – a weekly drop-in service at Barton Hill Settlement, offering advice to people in the Lawrence Hill area of Bristol. Advice is available on issues including alternative banking options, financial confidence, money advice, paying bills, business start up and personal and business loans. BOOST Finance has been funded by the Department for Communities and Local Government and its success is currently being evaluated by IVAR.