Finance News: DTI to give £10.5m to fund community finance institutions

The Department for Trade and Industry has announced funding of £10.5m for community development finance institutions.

Cumbria Asset Reinvestment Trust and the North London Chamber & Enterprise Credit Union are among the organisations set to benefit from the cash boost from the Phoenix Challenge Fund.

They provide loan finance and business assistance to social enterprises and small firms in deprived areas.

Small business minister Nigel Griffiths said: "The Government recognises that CDFIs have a vital role to play in providing finance to some of our most imaginative and tenacious entrepreneurs. CDFIs are filling a vital gap in access to finance in more disadvantaged communities, forming a bridge between the public and private sectors."

In total, 25 schemes are being funded. The finance is aimed at under-represented groups such as women, and black and minority ethnic businesses.

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