18th January 2012
Ben Hughes is the new chief executive of the Community Development Finance Association (CDFA).
He joins at an exciting time, leading a bold five-year strategy to raise the profile of community finance and make it central to the UK’s economy recovery. CDFA members – financial institutions that deliver community finance across the UK – provide pivotal support to small businesses and families most in need, and their services must become more widely available.
Hughes has extensive experience in the community sector, most recently leading the social action network of community organisations, bassac.
31 January sees his first initiative with the launch of a manifesto – Just Finance – setting out the CDFA vision for transforming local economic development through much greater access to affordable finance for small businesses, social enterprises and citizens. Through their lending and business support, CDFA members directly contribute to safeguarding existing jobs and creating new employment in some of the most underserved and disadvantaged communities across the UK.
Jonathan Diggines, chair of the CDFA board of trustees says, “Ben Hughes has a keen understanding of the potential of community finance and why it must play a much larger part in our financial services industry. Every community in the country should have the chance of a sustainable future and I am confident that Ben will lead this new phase in CDFA’s life with commitment and verve. We welcome him wholeheartedly.”
Ben Hughes says, “There is an enormously exciting future for the community finance sector. I see our members as the powerhouse behind economic growth, providing small enterprises and citizens currently denied access to mainstream finance with access to a range of finance services that can prove life changing. CDFA and its members have a challenge ahead but we are determined to make our vision a reality, driving the change in financial services necessary to create lasting benefit for all communities.”
Notes to Editors
1. Ben Hughes, CDFA’s new chief executive, is available for interview. Please contact Fabiola Caillaud on 020 7430 0222, Ext 201 or at [email protected].
2. Just Finance is CDFA’s new manifesto for transforming local economic development. It is being launched at the Westminster Hub on Tuesday 31 January with the Rt Hon Mark Hoban MP, Financial Secretary to the Treasury, opening discussions. The event takes place with generous support from the LankellyChase Foundation. For more information and to attend the event, please contact Ian Best on 020 7430 0222, Ext 206 or at [email protected].
3. CDFA is the membership association for community development finance institutions (CDFIs). CDFIs lend money to businesses, social enterprises and individuals who struggle to get finance from high street banks and loan companies. They help deprived communities by offering loans and support at an affordable rate to people who cannot access credit elsewhere.
4. Community development finance institutions disbursed £23m worth of loans to micro-enterprises and small and medium enterprises between April 2010 and March 2011, creating and saving around 1,400 businesses, 5,700 jobs and contributing £170m to the turnover of the UK economy. (CDFA, 2011)