The CDFA — the trade association for community development finance institutions, specialist social lenders such as ART in Birmingham and the Black Country Reinvestment Society in Wolverhampton — is to be given £60m for ‘on-lending’ by its members to social enterprises and small and micro businesses, Third Sector Online reports today.
The aim, according to business secretary Vince Cable is to enable these specialist lenders to help finance growth that will result in 8,000 new jobs. The move has been welcomed by the CDFA — as one would expect — but also by Unity Trust Bank and the Co-op.
Availability of finance for social enterprises is increasing exponentially at present. It would be interesting — specifically from a social enterprise perspective, I mean — whether demand is beginning to meet supply.