📢Two exciting news announcements for Community Development Finance Institutions (CDFIs) at the Responsible Finance Member Day in Liverpool yesterday. British Business Bank has announced the £150m Community ENABLE Funding programme, which will allow CDFIs to make an even bigger impact by supporting small businesses. JPMorganChase £4m Capacity-Building Programme will strengthen the operational capacity of CDFIs involved in the Community ENABLE Funding programme, helping to scale their impact. Congratulations to all involved!🫶 #BuildingWaves #SmallBusinesses #CDFI #ImpactLending
✨A historic day for CDFIs✨ Double boost for small business finance: Unlocking finance and empowering growth across the UK This morning, at the Responsible Finance Member Day, two new programmes that will support CDFIs (Community Development Finance Institutions) were announced - a £150 million initiative from British Business Bank and a £4 million initiative from JPMorganChase. Our CEO Theodora Hadjimichael said, “We are delighted to announce this support from our valued partners. This package of lending capital from the British Business Bank and operational funding from JPMorganChase means that CDFIs can grow to turn the tide on the funding struggles that many small businesses around the country face.” 🌟 Key Highlights: £150m Community ENABLE Funding Initiative: Backed by the British Business Bank, this programme aims to catalyse up to £150m of lending over the next two years, helping CDFIs provide much-needed loans to small businesses across the UK. The programme is for loans to SMEs of more than £25,000 and will be delivered through accredited CDFIs. £4m Capacity-Building Programme: Supported by JPMorganChase, this initiative will strengthen CDFIs’ operations, enhancing their ability to deploy small business loans efficiently and scale their impact. 📈 These programmes will help CDFIs grow lending to businesses from £102 million in 2023 to £500 million annually by 2029, unlocking over £1 billion in additional finance for 15,000 small businesses in the UK’s most disadvantaged areas. CDFIs already make a huge difference to SMEs, with 98% of their loans supporting businesses outside London and under-represented groups with 41% of loans to women-led and 24% to ethnic minority-led enterprises. We’re delighted to see this support for CDFIs to scale their impact even further by backing underserved businesses and stimulating economic growth across the UK. 😍 This is a momentous day for the CDFI sector. We're proud of all of our members’ impact and the incredible work they do in their communities that has gotten us to this point. 🔗 Read the full article here: https://lnkd.in/euwFzhzQ 👉 Repost and help us share this exciting news. #SMELending #CDFIs #ResponsibleFinance