12 May 2022: Financial Times consumer editor Claer Barrett’s comprehensive article, published in FT Weekend and online, says millions of people are vulnerable to loan sharks and calls on banks to get behind community lenders.
Claer says it’s “high time the government galvanised support for community lenders” such as CDFIs (our members) – describing banks’ obligation to support them in the USA (via the Community Reinvestment Act). She asks why we don’t have similar legislation in the UK, and says even in its absence banks should support CDFIs to scale-up now.
And she says community finance initiatives deserve to receive new capital from the forthcoming, additional dormant assets money.
Claer quotes Theodora Hadjimichael, Responsible Finance CEO, within the article, which also covers the explosion in the number of people who are excluded from mainstream financial services.
Theo comments that customers who build up a credit history with community lenders are more likely to be able to access mainstream credit in the future, describes CDFIs’ wraparound support for customers and non-customers (such as benefits checkers, debt advice and other services) and comments on the need for more and better signposting to CDFIs.
Read the article here: Business leaders understand cost of living crisis better than politicians
What next?
- Media / journalists: Responsible Finance, our members and clients have featured in TV, radio, national and regional newspapers, magazines, online and in podcasts.
- We can offer interviews, comment and case studies about access to finance / affordable credit / financial inclusion / debt, relating to businesses, social enterprises and people. Please contact [email protected] // 07904 272 200 to request interviews and case studies.