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News - 3 March 2015

Community Development Finance Institutions to be reviewed

The British Business Bank have commissioned research into the sustainability of Community Development Finance Institutions (CDFIs) which will be published in June.

CDFIs, which provide finance to small firms and social enterprises that have been unable to secure finance from high street banks, are reported to have supported the creation of 15,000 jobs in 2014.

The Community Development Finance Association (CDFA) welcomes the news, which it hopes will lead to greater long-term investment in the CDFI sector.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The research will investigate how long-term commercial investment for CDFIs can be attracted, and will consider examples of best practice from the USA, which has a well-established community finance sector.”

The CDFis also provide help to households that need to meet unexpected expenses and might otherwise use payday lenders. Last year CDFIs created 15,000 jobs and it’s only right that we look at how we can ensure that the sector continues to thrive.”

Chief Secretary to the Treasury, Danny Alexander said:
“Small businesses are the backbone of the British economy, so it’s only right that the government supports viable small businesses, particularly those struggling to access conventional finance.

Ben Hughes, Chief Executive of the CDFA said:
“This is great news for the CDFI sector; for the Treasury and British Business Bank to take this initiative at such a critical time in the electoral calendar marks a real step change in support for the CDFI sector, and the thousands of people and businesses they support.

Economic Secretary to the Treasury, Andrea Leadsom said:
“This government is firmly behind small businesses – that’s why we’re looking at how we can further support the community finance sector. Community Development Finance Institutions (CDFIs) help viable businesses and social enterprises that are unable to secure lending from high street banks.”

If you need any help and advice for your business on the implications of Government Funding initiatives, Business Development advice, and or starting up a new business, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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