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  • user warning: UPDATE command denied to user '408302_semagad'@'10.40.200.89' for table 'cache_filter' query: UPDATE cache_filter SET data = '<p>A &pound;60m lending lifeline for small, micro and social enterprises was launched today by Business Secretary Vince Cable.</p>\n<p>The fund will see community lenders provide a focussed source of funding for businesses that can struggle to get finance from mainstream banks and loan companies. &nbsp;</p>\n<p>The Community Development Finance Association (CDFA) will receive &pound;30m from the Government&rsquo;s Regional Growth Fund, which has been matched with further contributions of &pound;15m each by Unity Trust Bank and The Co-operative Bank.</p>\n<p>Business Secretary Vince Cable was in Birmingham today to visit Utensa, a bake-ware firm, which has already seen the benefits of this type of loan finance &ndash; in the form of &pound;30,000 from the Aston Reinvestment Trust (ART), a Community Development Finance Institution and member of the CDFA.</p>\n<p>The loan helped Utensa develop its manufacturing facility to improve its competitiveness with the Far East as well as safeguarding jobs for the future and creating two new machine operators at the company. &nbsp;&nbsp;</p>\n<p>The &pound;60m is expected to create or safeguard more than 8,000 jobs over six years across the country and meet some of the growing demand from small businesses for access to finance and drive investment in often fragmented communities.</p>\n<p>Speaking at the Community Development Finance Association&rsquo;s annual conference, Cable said: &lsquo;We need effective channels to support small business which is why the CDFA and its members are so important for providing access to finance and kick starting the economy. They are best placed to ensure that the &pound;30m Regional Growth Fund money goes to those SMEs, such as Utensa in Birmingham, that will create jobs and unlock private investment.</p>\n<p>&lsquo;Regional Growth Fund programmes like this one have already awarded SMEs over 500 grants and loans across the country. This is an excellent way to get value for money, but more importantly, it is a good way to focus on local priorities for growth, as most programmes are led by local partners. RGF is leading the way in rebalancing the economy and boosting business and industry.&rsquo;</p>\n<p>Richard Wilcox, Managing Director at Unity Trust Bank, said: &lsquo;Banks have a responsibility to help build strong, stable communities where business can thrive and people are secure in their jobs. As a social enterprise ourselves, Unity Trust Bank&rsquo;s &pound;15m support to the CDFA and the Regional Growth Fund builds on our long-held commitment to the social economy sector as a powerful engine for growth, jobs, enterprise and positive social change in communities that need it most.&nbsp;</p>\n<p>&lsquo;Unity is proud to have been a long-term supporter of the CDFI movement, and the largest provider of wholesale funds to enterprise CDFIs, and as such we are delighted to be able to extend and enhance that support via the RGF scheme.&rsquo;</p>\n<p>Keith Alderson, Managing Director, Corporate and Business Banking, The Co-operative Bank, said: &lsquo;As a co-operative, we fully understand the important role small businesses play in communities by creating and sustaining jobs and helping to develop local economies.&rsquo;&nbsp;</p>\n<p>Ben Hughes, CEO of the CDFA, said: &lsquo;Through creating 8,000 jobs in some of the most deprived areas of England, it offers remarkable value for money in boosting sustainable local growth.&nbsp;This investment is critical to the survival of many small and micro businesses who, without this support, would simply not exist.&rsquo;</p>\n<p>Hughes added: &lsquo;It&rsquo;s a milestone, yet just the starting point for an exciting &ndash; and timely - expansion of the community finance secto. Greater investment like this offers a new way of creating wealth &ndash; that&rsquo;s sustainable and ethical yet that also makes sound business sense.&rsquo;</p>\n<p><a href=\"http://www.socialenterpriselive.com/section/comment/money/20121004/vince-cable-there-another-route-smes-and-communities-access-finance\"><em>Read a comment piece by Vince Cable here</em></a></p>\n<p><a href=\"http://www.socialenterpriselive.com/section/comment/money/20121005/uk-community-finance-leader-says-it’s-time-capitalise\"><em>Read a comment piece by Ben Hughes here</em></a></p>\n<p><em>More information on the Regional Growth Fund can be found here: <a href=\"http://www.bis.gov.uk/rgf\">http://www.bis.gov.uk/rgf</a></em></p>\n<p><em>More details of the CDFA conference are available here: <a href=\"http://www.cdfa.org.uk/trainingandevents/annual-conference/\">http://www.cdfa.org.uk/trainingandevents/annual-conference/</a></em></p>\n', created = 1516354397, expire = 1516440797, headers = '', serialized = 0 WHERE cid = '2:c513c194ba9fb43ba3d10006da760163' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
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£60m fund for small and social enterprises will safeguard 8,000 jobs

4 October 2012

A £60m lending lifeline for small, micro and social enterprises was launched today by Business Secretary Vince Cable.

The fund will see community lenders provide a focussed source of funding for businesses that can struggle to get finance from mainstream banks and loan companies.  

The Community Development Finance Association (CDFA) will receive £30m from the Government’s Regional Growth Fund, which has been matched with further contributions of £15m each by Unity Trust Bank and The Co-operative Bank.

Business Secretary Vince Cable was in Birmingham today to visit Utensa, a bake-ware firm, which has already seen the benefits of this type of loan finance – in the form of £30,000 from the Aston Reinvestment Trust (ART), a Community Development Finance Institution and member of the CDFA.

The loan helped Utensa develop its manufacturing facility to improve its competitiveness with the Far East as well as safeguarding jobs for the future and creating two new machine operators at the company.   

The £60m is expected to create or safeguard more than 8,000 jobs over six years across the country and meet some of the growing demand from small businesses for access to finance and drive investment in often fragmented communities.

Speaking at the Community Development Finance Association’s annual conference, Cable said: ‘We need effective channels to support small business which is why the CDFA and its members are so important for providing access to finance and kick starting the economy. They are best placed to ensure that the £30m Regional Growth Fund money goes to those SMEs, such as Utensa in Birmingham, that will create jobs and unlock private investment.

‘Regional Growth Fund programmes like this one have already awarded SMEs over 500 grants and loans across the country. This is an excellent way to get value for money, but more importantly, it is a good way to focus on local priorities for growth, as most programmes are led by local partners. RGF is leading the way in rebalancing the economy and boosting business and industry.’

Richard Wilcox, Managing Director at Unity Trust Bank, said: ‘Banks have a responsibility to help build strong, stable communities where business can thrive and people are secure in their jobs. As a social enterprise ourselves, Unity Trust Bank’s £15m support to the CDFA and the Regional Growth Fund builds on our long-held commitment to the social economy sector as a powerful engine for growth, jobs, enterprise and positive social change in communities that need it most. 

‘Unity is proud to have been a long-term supporter of the CDFI movement, and the largest provider of wholesale funds to enterprise CDFIs, and as such we are delighted to be able to extend and enhance that support via the RGF scheme.’

Keith Alderson, Managing Director, Corporate and Business Banking, The Co-operative Bank, said: ‘As a co-operative, we fully understand the important role small businesses play in communities by creating and sustaining jobs and helping to develop local economies.’ 

Ben Hughes, CEO of the CDFA, said: ‘Through creating 8,000 jobs in some of the most deprived areas of England, it offers remarkable value for money in boosting sustainable local growth. This investment is critical to the survival of many small and micro businesses who, without this support, would simply not exist.’

Hughes added: ‘It’s a milestone, yet just the starting point for an exciting – and timely - expansion of the community finance secto. Greater investment like this offers a new way of creating wealth – that’s sustainable and ethical yet that also makes sound business sense.’

Read a comment piece by Vince Cable here

Read a comment piece by Ben Hughes here

More information on the Regional Growth Fund can be found here: http://www.bis.gov.uk/rgf

More details of the CDFA conference are available here: http://www.cdfa.org.uk/trainingandevents/annual-conference/

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