The CIEF has been launched to provide funding to Community Development Finance Institutions (CDFIs). CDFIs are non-profit lenders including community development banks, credit unions, loan funds and venture capital funds which service underserved communities specifically with small business loans, real estate financing and community development investments.
BCRS Business Loans, Business Enterprise Fund and Finance For Enterprise will become the first three UK CDFIs to receive capital from the CIEF, setting into motion the initiative’s ambition to support 800 small businesses and spur support for 10,500 jobs.
