Community Development Finance Association secures £60 million in funding
The Community Development Association (CDFA) announced this month that it was the recipient of £60 million in funding under the Regional Growth Fund - making this the biggest ever investment made available to Community Development Finance Institutions (CDFI’s).
Half of the £60 million awarded to the CDFA comes directly from the Regional Growth Fund, with the remaining £30 million awarded as match fund bank finance. The funding, which the CDFA will receive over the next three years, will be used to finance and support the growth of CDFI’s, which carry out a vital role in the provision of loans to businesses, social enterprises and individuals from disadvantaged communities that are unable to access traditional financing.
Financial support from the Regional Growth Fund for the CDFA comes at a crucial time for CDFI’s, which due to public spending cuts and the abolition of the Regional Development Agencies, which were a main source of funding for CDFI’s have faced challenges in raising capital.
Bernie Morgan, Chief Executive of the CDFA, said:
"We are delighted to be one of the successful bidders to the Regional Growth Fund, which was a highly competitive process. With this fund we can continue our work or creating jobs and providing growth in localities which need it the most. We relish the prospect."
Find out more about the CDFA