Feature about CDFIs is best-read article on FT's homepage
The Financial Times recently published a comprehensive, well-researched and positive article about CDFIs.
The article opens with a story from Russell, a customer of our member Scotcash, and describes community lenders as a "lifeline for people facing financial exclusion."
Journalist Siddharth Venkataramakrishnan visited Responsible Finance members Scotcash and Fair Finance and spoke at length with their customers. The article includes more customer stories, quotes from Theodora, Sharon MacPherson of Scotcash, Faisel Rahman of Fair Finance and Simon Dukes of Fair For You, and details of wraparound support (like checking for unclaimed benefits and financial advice) our members provide.
The article is free to read, here (you do not need an FT subscription).
It also covers the growing number of households vulnerable to loan sharks or illegal lenders, the exploding use of BNPL and the problems this brings, and the role of dormant assets in access to credit and financial inclusion.
The article shows that CDFIs (Community Development Finance Institutions, community lenders) play a unique and vitally important role in addressing financial exclusion, and makes a clear case for additional support from investors and Government.