What are CDFI’s?
Community Development Finance Institutions, or CDFI’s, are Responsible Finance providers offering loans to enterprises that have been unable to secure sufficient funds from mainstream sources. They do not compete with other lenders but instead seek to fill the gap in the finance market that inhibits enterprise development.
Although not conventional sources of finance like banks, building societies or venture capital funds, CDFI’s provide finance to viable enterprises and seek financial returns on their investments. The funds are then reinvested in other businesses in need of financial support.
Who we are
One of the major benefits of dealing with Impetus is that we are able to look at businesses and people who have been unable to secure a loan through mainstream lenders.
This might be because of a poor credit rating, lack of security, or simply because the business
idea is seen as a higher risk than they are able to take.
We‘re very happy to work together with other lenders as well, such as the high street banks – opening up markets that are otherwise unavailable, making marginal deals viable, and making non-bankable businesses bankable.
What do we ask for?
Before we make a loan we need to be satisfied that a borrower will be in a position to repay any loan we make. Not least because, as the money comes back in, we want to lend it to other local enterprises.That means we would need to see a business plan which is realistic about what is likely to be achieved over the coming months and years.
Eligibility Criteria
- You live or work in the region
- Unable to access sufficient capital for your plans
- £1,000 – £150,000
- A business plan