We welcome publication of the Woolard Review and its programme for reform. Its emphasis on boosting alternatives to high-cost credit, and its holistic approach to issues including the treatment of the very poorest when they need… Continue reading
News
Financial Times: CDFIs are alternative to potentially harmful buy-now pay-later credit
Today’s Financial Times covers the Woolard review of the unsecured credit market. Our analysis of the review is here. The newspaper highlights the review’s recommendation to boost community development finance institutions (CDFIs). You can read the… Continue reading
The Mirror newspaper: Purple Shoots’ client, Scentsational Cottage
Today’s Mirror features a lovely interview with Ruth Hancock who describes turning her life around with support from our member Purple Shoots. In May 2020, Ruth (42) was nearly £12,000 in debt. She’d been a working… Continue reading
Governments recognising vital role of CDFIs
This week the US Congress approved $12 billion in funding for Community Development Financial Institutions (CDFIs) and Minority Designated Institutions (MDIs) as part of a $900 billion COVID-19 emergency stimulus funding package. The funding will expand… Continue reading
Financial Times letter: Remember small business in the bank payout debate
Today’s Financial Times features this letter (registration required) from Responsible Finance board member, Peter Udale. Udale cites surveys suggesting half a million SMEs may not survive the year ahead. To survive and grow businesses depend on… Continue reading
Record business for Cornwall pasty-maker
Several years ago Mark and Lynne Norton borrowed £20,000 from our member SWIG Finance. Since then their business has increased its headcount from 19 to 96 employees – and played a crucial part in feeding families who were struggling this year. Continue reading
7,000 jobs and counting thanks to sector’s CBILS
Community Development Finance Institutions have played a crucial role protecting businesses, jobs and livelihoods in 2020. Many stepped-up their lending almost three-fold earlier this year to help address the COVID-19 crisis and protect viable businesses and… Continue reading
How Citi prize money transformed four businesses
At this time of unprecedented challenges to microenterprises the Awards made a tangible difference, protecting businesses, jobs and livelihoods. They have provided direct financial support which has enabled businesses and social enterprises to survive, thrive, pivot and adapt. And once again they celebrated the impact and achievements of responsible finance providers and the inspiring entrepreneurs they support. Continue reading
Three steps for a locally-powered recovery
Last week’s news of 25,000 jobs at risk after Debenhams and Arcadia Group fell into administration caused a collective gasp. Along with heartbreak over the loss of these jobs, many fear for the future existence of… Continue reading
Dozens of banks, investors and institutions commit to financing a just transition for the UK
Banks, investors and financial institutions today joined forces with universities and trade unions to launch the UK’s first alliance to finance a just transition. Coordinated by the Grantham Research Institute on Climate Chance and Environment at… Continue reading