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Community development finance
What we do > Economic Participation > Community development finance
Community development finance
Encouraging enterprise is an effective way of increasing economic participation. New businesses create job opportunities and stimulate local economies in disadvantaged areas.
Social enterprises can also bring added benefit by working with individuals at risk of exclusion to build their confidence and skills. But entrepreneurs without a firm financial footing or who want to start a business with social objectives often find it hard to get the finance they need.
Community development finance institutions (CDFI) exist to meet this need. They provide financial services to individuals or companies with viable business plans but unable to access mainstream services. CDFIs are sustainable, independent organisations that aim to generate both social and financial returns using investments from individuals, businesses and the public sector.
Foundation East
At the start of 2008, EEDA awarded a five-year contract for £1.1 million to Foundation East to create a single region-wide service for community development finance.
For more information about how to access loan finance visit the Foundation East website at www.foundationeast.org.
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