There are a number of funds and financing opportunities from government and banks at the moment to help SMEs including the Coronavirus Job Retention Scheme, Coronavirus Business Interruption Loan Scheme, the Bounce Back Loan scheme and grant payments to small businesses.
However, if you find you can’t access these or are turned down for a loan or other finance, where else can you turn?
That’s where organisations called Community Development Finance Institutions (CDFIs) can help.
Set up to help not only businesses but social enterprises and individuals too, CDFIs provide loans to those in most need and often when they have been turned down by traditional lenders. They often belong to a membership body, Responsible Finance and include in their membership organisations like The Charity Bank, Triodos Bank and Big Issue Invest.
So if you are looking for alternatives to or are not eligible for the government schemes at the moment, take a look at what CDFIs can offer here https://www.findingfinance.org.uk/Share this post: