The Maple Review report was launched this week at the House of Lords following widespread and extensive input, including from Responsible Finance and members.
Co-chaired by Blair McDougall MP, Minister for Small Business, Grace Graham, Founder of WorkSpa, and Michelle Ovens CBE, Founder and CEO of Small Business Britain, the independent but Government-backed Maple Review explores how to make entrepreneurship more accessible for people who have experienced economic hardship.
Sophie Bennett, Responsible Finance’s Policy and Research Manager, attended the launch.
The report shines a light on the experiences of those living in poverty and what society loses by not opening up entrepreneurship more widely. As Blair McDougall highlighted at the report launch, this is about the opportunities that people are locked out of.
Crucially, the review doesn’t shy away from exposing the structural barriers that hold people back, and calls for urgent, collective action to address them.
This is a challenge our member CDFIs see every day. Too many people have the ideas, drive and ambition to start a business, but cannot access the finance and support needed to make it happen. Whether it’s financial exclusion, digital poverty, low confidence or fragmented support, the barriers are real, especially for those starting without savings, assets or a safety net.
The report offers one of the largest evidence bases to date on entrepreneurship among people who have experienced economic hardship. It draws on a national survey of more than 600 entrepreneurs, focus groups, interviews and evidence from organisations working across this space.
We also heard powerful reflections on how early expectations shape opportunity. Growing up in poverty, Minister McDougall noted that entrepreneurship simply wasn’t seen as an option, highlighting why access to financial education must start early. Too many people don’t realise they could be successful business owners because the system hasn’t given them that confidence or capability.
That is why it is brilliant to see CDFIs recognised throughout the report as a vital part of improving access to finance, alongside calls to increase investment into community finance. It was great to hear Michelle Ovens emphasise the role of community finance and the difference that CDFIs make to business lending, helping to change the world for everyone because “it doesn’t just make communities and businesses better – it makes the world better”.
Michelle also drew attention to the marginalisation of women in business and the need for universality, for everyone to have the capability to start a business. Highlighted in the report is the story of Sian, a mum and carer, who had built a successful bath and body care business trading at craft fairs across Wales.
When she needed finance to rebuild after Covid, our personal lending member Purple Shoots took the time to understand her business plan and offered her a small start-up loan when mainstream finance was not available. With that support, Sian rebuilt her business and went on to employ seven people. Talking about her experience with a CDFI, Sian said:
“If it wasn’t for organisations like Purple Shoots who invest and support not only the business, but also the person, I don’t know where I’d be.”
The report’s recommendations take this further, recognising the need to support CDFI growth and make smaller, more flexible finance available to founders starting without savings, assets or a safety net. As Michelle underscored, in the UK, community finance currently represents a tiny share of small business lending, yet even small sums can make a life-changing difference.
There was a strong sense throughout the launch that this is only the beginning. The Maple Project will now take these recommendations forward, with a shared commitment across Government, corporate partners and the business support community to turn them into action. As speakers emphasised, this must be a sustained, inclusive and collaborative effort, one that ensures everyone has access to the tools, confidence and support to start a business.
What next?
- Read the report and recommendations at https://maplereview.uk/report
- Read about our submission to the Maple Review
- Please contact Responsible Finance to discuss implementing its recommendations regarding the need to support CDFI growth and making smaller, more flexible finance available to founders starting without savings, assets or a safety net