Vince Cable’s announcement that an additional £300m will be made available to SMEs through the business bank is a welcome and much needed step forward. To ensure that this money quickly gets to where it is needed, community development finance institutions (CDFIs) are the obvious vehicle to make it happen.
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Category: News
Regional banks needed to restore trust and boost lending – says Ed Miliband
Labour would seek to establish a network of regional banks if elected, to help small business get access to finance, Ed Miliband has said. Continue reading
Charity trustees need help with social investment, says Charity Commission report
Charity trustees need more support and information to become involved in social investment, according to a report written for the Charity commission. Continue reading
CDFIs help Start-Up Loans exceed expectations
2,000 young entrepreneurs have now had their business dreams backed through the Start-Up Loans programme, and community finance providers are playing a key role. The Start-Up Loans Company, which administers the scheme and is chaired by Dragon’s Den entrepreneur James Caan, has helped to start 1,000 new businesses in the last month alone.
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Payday lenders given 12 weeks to change their ways
The OFT has found widespread evidence of irresponsible lending and breaches of the law across the payday sector. The damning report, which follows a year long review of the £2bn sector, said too many people were being granted loans they could not afford to repay, and lenders’ revenues were heavily reliant on customers failing to repay their original loan in full and on time. Continue reading
Banks are making fewer loans, in spite of Funding for Lending
The Bank of England has announced that net lending fell by £2.4bn in the final quarter of 2012 compared with the previous three months.
The Funding for Lending (FLS) scheme, which began in August last year, was designed to encourage banks to lend more money, both to individuals and businesses, and boost the economy.
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EFG Scheme delivers a net benefit of £1.1 billion to the economy
New independent research on the Enterprise Finance Guarantee (EFG) scheme published last week found that it has delivered a net benefit of £1.1 billion to the economy. Every £1 invested by the government has delivered £33.50 for the economy. Continue reading
‘Mind the Finance Gap’ – We Need to Work Together to Fill It
Guest blog by Dr Steve Walker
With access to finance for small businesses remaining a hot topic, it is good to see the publication of a bank-supported, comprehensive, study of the marketplace.
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Business lending and access to finance – next steps for Government’s strategy
Westminster Business Forum is hosting a Seminar on the morning of Thursday 25th April, focusing on what more can be done to support business lending and access to finance for UK businesses. Continue reading
£6billion gap in finance for individuals and organisations outside mainstream finance
Unmet demand for finance amongst individuals and organisations that do not qualify for traditional bank funding has reached more than £6billion, according to new research published today by the Community Development Finance Association (CDFA), supported by RBS Group. Continue reading