§ 19. Andrew SelousTo ask the Secretary of State for Trade and Industry what plans she has to make a feasibility of community development financial institutions. [66387]
§ Miss Melanie JohnsonThe Small Business Service is currently supporting 41 community development finance institutions through its Phoenix Fund. These CDFIs are receiving almost £20 million of support over the next 2 years.
A number of the CDFIs supported are researching new and innovative ways of providing last resort finance to disadvantaged communities.
The Phoenix Fund has also been instrumental in supporting the formation of a trade association for CDFIs, the Community Development Finance Association. This organisation will help to disseminate best practice throughout the sector.
1085WA community investment tax credit that will encourage the private sector to invest money into the community finance sector was announced by my right hon. Friend the Chancellor of the Exchequer in this year's budget.