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.