- Lloyds Banking Group is leading a £62 million investment in the Community Investment Enterprise Fund (CIEF), which aims to support small businesses in England and Wales that may be overlooked by traditional lenders.
- The CIEF will provide funding to Community Development Finance Institutions (CDFIs), non-profit lenders that serve underserved communities.
- The first three UK CDFIs to receive capital from CIEF are BCRS Business Loans, Business Enterprise Fund, and Finance For Enterprise.
- The initiative aims to support 800 small businesses and create 10,500 jobs.
- The fund is managed by CDFI Social Investment Scotland and also backed by Big Society Capital.
Lloyds Bank backs new £62m community development fund
