The British Business Bank announces the Community ENABLE Funding programme to increase the availability of funding to social impact sector lenders and the smaller businesses they serve in local communities across the UK’s Nations and regions. The initiative is aimed primarily at Community Development Financial Institutions (CDFIs).
CDFIs are small, regional, social impact sector lenders that provide debt finance and support to underserved smaller businesses that can find it difficult to access finance from mainstream lenders. One of the key objectives of the programme is to help develop the sector as a whole so that many more such businesses can access the finance they need.
The funding programme will be rolled out in two phases. In the first phase, the Department for Business and Trade will provide 100% of the programme’s funding via the British Business Bank, which will enable CDFIs to make more finance available to smaller businesses.
In the second phase, the British Business Bank will source additional funding from private sector investors, leveraging the government-backed funding to increase the amount of wholesale finance available under the programme.
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