The CDFA (Community Development Finance Association) has moved a step closer to distributing funds from the RGF (Regional Growth Fund) to its member organisations, including ART, which can be used to support small businesses around the UK unable to access the finance they need via the banks.
The CDFA’s RGF Round One bid to expand the community finance sector and support access to finance via its members was approved in April 2011. Following extensive due diligence the delivery contract has now been received. The next stage is for ART and other members to put in bids for money to lend in their areas.
“This is potentially very good news for small businesses and social enterprises operating in Birmingham and Solihull,” says Steve Walker, Chief Executive of ART, “because if our bid is successful we will have even more money to lend to support growth and jobs in the area over the next three years.”
ART is one of over 30 Community Development Finance Institutions (CDFIs), which lend to businesses in different areas around the UK, that are applying for a portion of the £60m package of funding from the RGF and the banks which the CDFA now has available. Other CDFIs will be applying for money to lend in the personal finance sector.
For more information see www.cdfa.org.uk
February 29, 2012 12:22 pm