Government further backs BEFFebruary 06 2008
BEF accredited with the status of provider of the Small Firms Loan Guarantee Scheme
CHANGES TO ENCOURAGE MORE INVESTMENT IN DISADVANTAGED COMMUNITIES ANNOUNCED
New measures to boost the amount of finance raised and channelled into new and expanding businesses in disadvantaged areas have been announced by the government today.
The changes are designed to strengthen the ability of organisations, known as community development finance institutions (CDFIs), to attract private investment. In turn, these organisations provide access to finance for enterprises in disadvantaged communities that have been turned down by mainstream providers like banks.
Enterprise Minister Shriti Vadera said:
“By allowing more community development finance institutions to lend with the backing of government secured loans, we are improving the options available to small businesses looking for finance. Together, these changes will enable the community development finance sector to attract greater private investment, increase access to finance, and foster enterprise in the most disadvantaged communities in the UK.”
Exchequer Secretary to the Treasury, Angela Eagle said:
“CDFIs’ work in extending finance to economically disadvantaged areas is invaluable in helping our attempts to reduce the disparities in economic performance across the UK and draw on the full potential of everyone in our country. I am pleased to announce changes to the Community Investment Tax Relief that will make them work even better.”
Phil Hope, Minister for the Third Sector, said:
“CDFIs can get into those places which mainstream finance can’t or won’t reach, financing thousands of enterprises, jobs and households in disadvantaged communities. We want to improve the way Community Investment Tax Relief works - because we’re committed to supporting innovative social investment models in the long term. We know such models help social enterprise to thrive, thereby creating social and economic value.”
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