New report sets out vision for financially inclusive Britain and recommends measures to promote sustainability of community finance and for banks and other lenders to work more closely with community finance firms Continue reading
News
Winners announced in the 2015 Citi Microentrepreneurship Awards
Outstanding entrepreneurs and community lenders celebrated at national awards for their achievements in creating jobs, services and prosperity in their communities. Continue reading
CIC press release: ‘People Powered Prosperity’ urges national government to embrace meaningful localism
The Community Investment Coalition (CIC) welcomes an innovative book on localism by New Weather Institute. ‘People Powered Prosperity’ sets out a new narrative for very local economics, based on local financial and enterprise institutions, which should… Continue reading
Citizens UK launches proposal to save half a million people from debt
A proposal to use £200m of fines on banks and payday lenders to support community finance organisations such as credit unions has today been launched by the national community organising charity Citizens UK. The idea, which is supported by the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings, would see the creation of a Community Finance Foundation to help ethical alternatives to high-cost credit expand their reach and improve their sustainability. It is estimated that over the next five years such a venture would help 500,000 people avoid high-cost credit, saving them over £200m per year in interest and fees and reducing the cost of problem debt on wider society by £1.4bn. Continue reading
CDFA welcomes Government support for a sustainable future for CDFIs
The British Business Bank has today announced that it is commissioning new, independent research to facilitate a report on the sustainability of the CDFI sector. The report will be published in June. Continue reading
Green, gourmet and graveyard businesses announced as finalists for Microentrepreneur of the Year Award
A renewable energy firm, a luxury chocolate shop and an innovative management system for graveyards are among the businesses announced as finalists for this year’s UK Citi Microentrepreneurship Awards. The national awards scheme celebrates innovative and growing businesses that have taken off with the help of alternative finance from community lenders (known as CDFIs). Continue reading
Alternative lenders inject half a billion pounds into UK economy
Community-focused alternative lenders have contributed over half a billion pounds to UK GDP, according to new research from the CDFA, released today. The lenders have responded to increased demand for non-bank finance, and in the process helped to create 11,500 new businesses, supported over 20,000 jobs and aided 42,000 people avoid high-cost credit. Continue reading
Making things better: bringing equality to financial services
Ben Hughes on how we can bring equity to the provision of financial services in the UK Continue reading
CDFIs generate £100m of ‘extra value’ for the local economy through RGF
Community lenders have generated over £100m in ‘extra economic value’ through a government-backed fund supporting small businesses and social enterprises in England.
Figures from the Community Development Finance Association (CDFA) have revealed that loans made by its members have delivered economic value worth more than five times the original funding [1].The funding has already secured over 2,600 jobs for English towns and cities, creating substantial benefits for the government and local economies.
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A new ecosystem for business funding-the rise of alternatives
Adam Tavener examines the growth of alternative finance and explains why he set up Alternative Business Funding to help SMEs Continue reading