Harry Davies’ Post

🗨 We had the opportunity to dive into the Responsible Finance impact report and reflect on the engaging panel discussion with NatWest about mainstream banking and the growing support for #CDFIs. Here are some key takeaways: 👉 #CDFIs are crucial in supporting consumers overlooked by traditional credit scoring, helping bridge the financial inclusion gap. 👉 #SMEs are pivotal in driving local economic support, especially outside major urban centers, though they often face challenges with mainstream lenders. 👉 #CDFIs not only fill critical gaps but also enhance diverse access to finance in innovative ways. It’s clear that there’s a pressing need to rethink how #financialservices can more inclusively support economic growth and resilience. What are your thoughts on how we can further this cause? #ResponsibleFinance #FinancialInclusion #CDFIs #SMEs #EconomicDevelopment #CreditScoring #Banking #InclusiveFinance #SocialImpact Brian Doe

🎉 Celebrating the launch of the annual impact report by Responsible Finance, it shines a spotlight on the transformative work of Community Development Financial Institutions (CDFIs) in the UK economy. CDFIs are the unsung heroes of our economy, providing a lifeline to underserved businesses and households. In 2023, they invested a record amount, driving economic growth, creating or safeguarding jobs, and adding billions to the UK economy 🚀 🚀 🚀 Operating predominantly outside of London and the South East, CDFIs are pivotal in addressing regional economic disparities and fostering development in deprived areas. They are deeply rooted in local communities, unlocking the potential of thousands of small businesses unable to access mainstream finance. CDFIs champion diversity, lending disproportionately more to businesses led by women and ethnic minority entrepreneurs. As we celebrate this milestone, we should acknowledge the significant social and economic impact created by CDFIs. Here’s to another year of continued success across the sector in driving inclusive growth and supporting the underrepresented in our society. We look forward to continuing to work closely with the sector to help support their growth ambitions. Tom Le Quesne Jonas Persson Andrew Walton Mark Burton Beth Knight Jo Clough Glenn Bemment Lyndsey Fairnie Emily Booth Sam Shah Natalie Boswell Rebekah Taitt Carla Yearsley Jamie Broderick Peter Udale 🙌 #CDFIs #InclusiveFinance #ResponsibleFinance #sustainablefinance #sustainabledevelopment #regionaldevelopment #lloydsbank #helpingbritainprosper

We're delighted to share the latest impact report - with a record year of lending it is a testament to the hard work our member Community Development Finance Institutions (CDFIs) deliver every day. In 2023 they have turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK. Our members have provided opportunity, supported economic growth and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023 their lending hit a record high of £287 million: CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. Their achievements reflect their ability to fill widening needs for the right finance at the right time. Here’s what CDFIs achieved in 2023: 🌊 Supported 4,546 start-ups and SMEs with £102m of loans. ⭐ 12,135 jobs were created or safeguarded. 👉 99% of businesses had been declined by another lender. 🙌 371 social enterprises were supported with £119m of loans. 💷 Households saved £29m in interest repayments compared to high-cost lenders. 😍 CDFIs lent £66m to 85,208 individuals. 🪙CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. 👉 Read more about CDFIs’ impact, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs

The latest Responsible Finance impact report reveals that in 2023, CDFIs lent a record £287 million, demonstrating how we and our fellow CDFIs effectively bridge the gaps in finance. CDFIs now operate at 31 times the scale they did in 2003 and their achievements reflect their ability to fill widening needs for the right finance at the right time. Read the latest impact report at https://lnkd.in/eWSFydQ2 Rosie Ginday MBE, Peter Udale, Theodora Hadjimichael, Stephen Deakin. #RipplesToWaves #CDFIs #ResponsibleFinance

If I didn't understand the impact CDFI's have on our economy and communities, I do now. Brilliant report launch by Responsible Finance and NatWest Group earlier today. Key takeaways for me: 1. Last year, CDFIs lent £287 million to customers - a 14% increase from the previous year. These loans supported more than 12,000 jobs and created 3,900 new businesses. 2. SMEs are the backbone of any thriving economy. When we nurture SMEs, we fuel innovation, job creation, and economic stability. As Bim Afolami MP said in his speech today: "If you don't grow your SMEs, you don't grow your economy." 3. CDFIs champion diversity. In the UK only 8% is invested in businesses with an ethnic minority founder and female founded businesses account for only 2% compared to 66% through CDFIs. 4. CDFIs allocate 90% of their resources outside London. Their impact extends far beyond financial metrics; they empower communities, create jobs, and drive economic prosperity and by supporting CDFIs, we invest in a more inclusive and resilient economy. Great event. Looking forward to attending next year. #CDFIs #SMEs #Equality #EconomicEmpowerment #CommunityImpact

This year’s Impact Report from @Responsible Finance shows how Community Development Finance Institutions (CDFIs) turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK. They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023 their lending hit a record high of £287 million: CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. Their achievements reflect their ability to fill widening needs for the right finance at the right time. Here’s what CDFIs achieved in 2023: ·       Supported 4,546 start-ups and SMEs with £102m of loans. ·       12,135 jobs were created or safeguarded. ·       99% of businesses had been declined by another lender. ·       371 social enterprises were supported with £119m of loans. ·       Households saved £29m in interest repayments compared to high-cost lenders. ·       CDFIs lent £66m to 85,208 individuals. ·       CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about CDFIs’ impact, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs

This year’s Impact Report from Responsible Finance shows how Community Development Finance Institutions (CDFIs) turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK. 👏 They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023 their lending hit a record high of £287 million: CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. Their achievements reflect their ability to fill widening needs for the right finance at the right time.  Here’s what CDFIs achieved in 2023: ❖ Supported 4,546 start-ups and SMEs with £102m of loans.  ❖ 12,135 jobs were created or safeguarded.  ❖ 99% of businesses had been declined by another lender.  ❖ 371 social enterprises were supported with £119m of loans.   ❖ Households saved £29m in interest repayments compared to high-cost lenders.   ❖ CDFIs lent £66m to 85,208 individuals.  ❖ CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about CDFIs’ impact, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs 

Community Development Finance Institutions (CDFIs) turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK. They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023 their lending hit a record high of £287 million: CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. Their achievements reflect their ability to fill widening needs for the right finance at the right time. Here’s what CDFIs achieved in 2023: - Supported 4,546 start-ups and SMEs with £102m of loans. - 12,135 jobs were created or safeguarded. - 99% of businesses had been declined by another lender. - 371 social enterprises were supported with £119m of loans. - Households saved £29m in interest repayments compared to high-cost lenders. - CDFIs lent £66m to 85,208 individuals. - CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about CDFIs’ impact, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 Responsible Finance #RipplesToWaves #ResponsibleFinance #CDFIs

It’s great seeing the progress Responsible Finance and its members are making in their support for Londoners facing financial insecurity. As they say: 🔵 Access to fair credit decreases the social costs of financial exclusion, such as health issues, dependency on illegal lenders, and associated mental and physical harm 🔵 And by enabling work, education, and local economic participation, affordable credit can drive growth Read more in their latest update below ⬇️

I was delighted to speak at the Responsible Finance Ripples of finance, waves of change report launch today. As a customer of a Community Development Finance Institution BCRS Business Loans on the UnLtd Big Venture Challenge programme in 2016, Miss Macaroon raised finance to enter a new sector, prove our social impact model and grow the social enterprise. In 2023 CDFI’s lending hit a record high of £287 million: CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. Their achievements reflect their ability to fill widening needs for the right finance at the right time. Here’s what CDFIs achieved in 2023: 🌊 Supported 4,546 start-ups and SMEs with £102m of loans. ⭐ 12,135 jobs were created or safeguarded. 👉 99% of businesses had been declined by another lender. 🙌 371 social enterprises were supported with £119m of loans. 💷 Households saved £29m in interest repayments compared to high-cost lenders. 😍 CDFIs lent £66m to 85,208 individuals. 🪙CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. It was great to hear Responsible Finance Chair Peter Udale’s support for CDFIs and thanks for ‘the unfailing support of Better Society Capital (previously Big Society Capital)’ among many other supporters. 👉 Read more about CDFIs’ impact, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs