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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Tag: CDFIs
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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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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Demand for Community Finance soars as ethical lenders take on the Wongas
04.10.2012 Enquiries to ethical ‘community finance’ providers have more than doubled in the last year as individuals seek routes out of high interest debt traps, according to new figures released by the CDFA today. Continue reading
As Startup Loans are Go!, CDFIs can help – and can Make Business Your Business
CDFA’s chief executive Ben Hughes today welcomed a new package of loan finance and mentoring for young people wanting to start their own businesses – and said community finance providers are logical delivery partners for the scheme.
And CDFIs feature within a new report on supporting start-up and small business development by the Prime Minister’s enterprise adviser, Lord Young, which was launched today. Continue reading