2 March 2011
At the House of Commons yesterday, the cdfa launched a ground-breaking social media-based lending platform called Ourbnk designed to extend accessible finance to those unable to borrow from traditional sources. The online platform will link individuals, small businesses and social enterprises to local Community Development Finance Institutions (CDFIs) which provide loans targeted primarily at those in underinvested communities where the need to support enterprise is greatest.
The launch event “Strengthening the CDFI Sector” took place on Tuesday, March 1st at and was hosted by Bernie Morgan, Chief Executive of cdfa and Andrew Love MP, Member of the Treasury Select Committee.
The mission of Ourbnk is to direct borrowers who are unable to raise bank finance from traditional sources to CDFIs using social networking sites (such as Twitter and Facebook), internet search applications and mobile phone technology. Ourbnk’s vision is that, in 18 months, borrowers throughout the country will be able to access responsible credit through a range of social media via their mobile phones. Ourbnk will create the scale, reach and efficiency that the CDFI sector needs to deliver its social and financial objectives more effectively.
Ourbnk demonstrates the cdfa’s leadership in promoting an innovative initiative to remove the complexities and other barriers to obtaining finance for those who need it most, to drive economic growth and to create employment and wealth in the UK’s poorest communities.
Bernie Morgan, Chief Executive of the cdfa, said:
“Ourbnk is a groundbreaking initiative which will reach borrowers who are excluded from the banking system. For the first time, people and businesses now have a simple and easy way to access lenders who understand their needs and who will provide them with a better way to manage their finances. The future of lending starts today.”
James Pyott, Brand Director at Ourbnk, added:
“We are delighted to be working with the cdfa in bringing the technology we have used in developing countries to the UK. Ourbnk is the mobile finance web’s answer to ensuring the right finance is available at the right time for everyone throughout the UK.”
Read the Social Enterprise Magazine’s coverage here
Media contacts:
cdfa
Alastair Ballantyne or Andrea Stout
HB Communications
020 7367 2780
[email protected] or [email protected]
Ourbnk
James Pyott
07831 864 665
[email protected]
Or contact the cdfa for more information at [email protected]