Asked by: Peter Dowd (Labour - Bootle)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps she is taking to help (a) small businesses and (b) individuals access (i) Community Development Finance Institutions and (ii) other alternative lending sources.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The British Business Bank’s Finance Hub provides a comprehensive guide for small businesses seeking finance, including the role played by Community Development Finance Institutions (CDFIs) and other alternative lending sources. Several CDFIs are delivery partners for Start Up Loans, providing finance of up to £25,000 for business owners who have been trading for up to three years. CDFIs also provide loans to businesses through the British Business Bank’s regions and nations funds.
In addition, CDFIs play an invaluable role in enabling individuals to access finance who would otherwise be excluded.