§ Mr. LoveTo ask the Secretary of State for Trade and Industry if he will list the community finance initiatives operating in England and Wales; what consultation has taken place regarding the Phoenix fund; what criteria must 353W be met for CFI's applying to administer the funds that make up the Phoenix fund; and if he will make a statement. [127839]
§ Ms HewittThere is no single definition of CFIs and therefore no comprehensive list of those operating in England and Wales. CFIs can take a variety of forms, including community loan funds, community investment trusts and micro-finance providers. The largest category of CFIs presently operating in the UK is credit unions, of which there are over 450.
The Phoenix Fund addresses certain recommendations of the Policy Action Team Report on Enterprise and Financial Exclusion, which was the subject of widespread consultation. Although no formal consultation has taken place on the Phoenix Fund, officials did hold extensive discussions with interested parties before drawing up the recently published bidding guidance for organisations wishing to apply for Phoenix Fund Support.
Copies of the bidding guidance are held in the Library of the House.