The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Community Development Finance Institutions are organisations which provide loans and support to those who find it hard to access finance from mainstream sources.
Businesses may find it hard to raise finance for many reasons. They may have a poor credit rating or history, they can offer little or no collateral, or they may have an insufficient track record or operate in an undeserved or deprived community.
Community Development Finance Institutions provide finance to businesses, social enterprises and individuals who:
CDFIs focus on the businesses that are hardest-to-reach: start-ups, sole traders, informal and unincorporated ventures and microenterprises employing fewer than ten peoples.
Many businesses, especially start-ups and sole traders, but even established microenterprises, have little or no collateral to secure a loan. This reduces their chances of accessing funds from banks. CDFIs recognise this and many make unsecured loans.
More than creating jobs, their objective is also to generate social, environmental and economic returns. In doing so, they are very much social enterprises, supporting the local economies that need help the most.
There are currently around 60 CDFIs supporting customers in all regions of the UK. Each organisation is unique and each serves the needs of the local community.
So what is the CDFA?
The Community Development Finance Association (CDFA) represents the national network of Community Development Finance Institutions. Its goal is to support a thriving community finance industry that brings social and financial benefits to neighbourhoods across the UK.
To do this, the CDFA:
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