Printer Friendly

Call for increased support for firms declined by banks; FINANCE.

Byline: ENDA MULLEN enda.mullen@trinitymirror.com

WESLEYAN chief executive Craig Errington has called on the public and private sectors to offer more support for the community finance sector.

Mr Errington, who is also chair of Community Development Finance Institution (CDFI) ART Business Loans, made the plea as he addressed members and guests at ART's AGM.

Having reported that 2014-15 had been another year of significant growth for ART, achieved with the support of Government and Unity Trust and Co-operative banks, he said: "Planning for the future would be eased considerably if support for ART and the wider CDFI sector could be achieved with a longer term strategic funding source.

"With much talk around devolution it would be encouraging to see signs that local sources of funding support would become available in the near future."

Based at Innovation Birmingham Campus, ART lends to businesses unable to access any or all of the finance they need from the banks.

In its 18-year history it has made a significant contribution to the growth of the local economy, helping more than 800 borrowers to create or protect over 6,500 jobs.

Also speaking at the AGM Steve Walker, chief executive of ART, recalled the important role of the late Sir Adrian Cadbury in helping to establish ART with money raised from social investors - both individuals and private sector companies - which then leveraged public sector support.

"We need long term support from socially-minded investors in order to take a risk on business men and women who don't fit the banks' lending criteria," he said, "but who can go on to create and grow successful businesses if someone will take a chance on them."

ART's lending during 2014-15 added PS22 million of value to the UK economy.

CAPTION(S):

Craig Errington, chief executive of <BWesleyan

COPYRIGHT 2015 Birmingham Post & Mail Ltd
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Oct 8, 2015
Words:300
Previous Article:Five Arrows Leasing in Paragon deal.
Next Article:As well as a weekly history column in the Post, Chris Upton penned a quirky take on the week's events. Here we reprint some of his finest moments...
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters