Community Development Finance Institutions helped 31,000 people save £11 million in interest, according to a new report published today (19 May 2021), which highlights the urgency of scaling-up the ethical, not-for-profit affordable credit sector. Politicians across… Continue reading
News
Pioneers Post: Danny Kruger on major opportunity for UK social enterprises from £7.6bn new funding
Pioneers Post, the international social enterprise and impact investment magazine, featured Danny Kruger MP’s conversation with Responsible Finance CEO Theodora Hadjimichael about embedding social enterprise into the UK’s recovery in this article. Kruger emphasised how he… Continue reading
Cross-party acclaim for community development finance as report reveals thousands of businesses supported
Filling a gap, fuelling thousands of businesses: report shows 12,640 jobs protected by financial superpower Thousands of jobs and businesses have the UK’s “financial superpower” to thank for lending where banks could not, according to new… Continue reading
How to Scale Up a Financial Superpower: Politicians and Stakeholders on CDFIs’ Unique Impact
The UK finance system has a superpower: Community Development Finance Institutions (CDFIs). These locally-rooted social enterprises get finance to people, businesses and social enterprises who can’t get the finance they need from banks. Here champions of… Continue reading
10xRF showcases CDFIs’ superpowers
The financial system has a secret superpower. Community Development Finance Institutions (CDFIs) create jobs, nurture businesses and social enterprises, and invest in people and communities. We’re championing their impact and examining how to magnify it over… Continue reading
The Observer newspaper: CDFIs’ work more vital than ever
A full page feature in today’s Observer newspaper demonstrates the impact of personal-lending CDFIs. With 14.2 million people now financially vulnerable, it says our work is more vital than ever. The article includes a profile of… Continue reading
Ethical lenders and the cost of credit
It is well documented that being poor costs more. When people who are less well off or have fluctuating incomes need credit for sudden expenses, many lenders see an opportunity to make a lot of money.… Continue reading
Responsible Finance welcomes the FCA’s timely vulnerability guidance
“The FCA’s bold new guidance on vulnerability and its particular emphasis on inclusive design are welcome developments that will improve outcomes for all financial services customers, not just those who are more susceptible to harm. In… Continue reading
MPs urge Government to boost recovery by backing community development finance
23 February 2021: MPs including Sir Iain Duncan Smith, the former leader of the Conservative party, have backed calls to the Chancellor to inject £25m into the community development finance sector to boost the UK’s recovery… Continue reading
Responsible Finance reacts to the FCA’s Financial Lives 2020 Survey
The FCA’s new Financial Lives survey exposes the fragile state of our finances, both prior to the pandemic and now. In February last year, 20% of UK adults had low financial resilience – meaning they were… Continue reading