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CDFIs provide source of company car asset finance for SMEs

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CDFIs provide a new form of non-bank asset finance - such as funding new company cars - for small business owners to tap into

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23 July 2014

Three executives working on laptop.
CDFIs provide a new form of non-bank asset finance – such as funding new company cars – for small business owners to tap into

IF YOUR small business has been rejected by traditional bank institutions for asset finance – such as car finance to purchase new company cars – then here’s another source: alternative business funding.

It’s a funding portal that has signed up another new source of finance: 40 Community Development Finance Institutions.

Simply known as CDFIs, this new alternative finance source – already responsible for funding over 10,000 small businesses rejected for bank finance last year – has joined the online finance portal alternativebusinessfunding.co.uk to support SMEs searching for non-bank funding solutions.

New funding partner has helped over 35,000 small businesses with £300m of funding

Already, the CDFIs have lent £300m, supporting over 130,000 jobs and providing the vital finance to keep the economic regeneration engine – the SME – in business with new sources of asset finance.

Ben Hughes, chief executive of trade body the Community Development Finance Association (CDFA) said:

“CDFIs have provided vital support to thousands of businesses in the past and we want to help ten times more in the future. With the help of recent funding, we are in a good position to lend to many more businesses, and are very excited to be part of the alternative business funding portal.

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Ralph Morton

Ralph Morton

Ralph Morton is an award-winning journalist and the founder of Business Car Manager (now renamed Business Motoring). Ralph writes extensively about the car and van leasing industry as well as wider fleet and company car issues. A former editor of What Car?, Ralph is a vastly experienced writer and editor and has been writing about the automotive sector for over 35 years.

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