Partner Article

Downing Street awards innovative small business lender

A social business which offers loans and free advice to London based small businesses was today awarded a Big Society Award by Prime Minister, David Cameron.

Fair Finance offers responsible and sustainable funding to small businesses, who have found it difficult to access traditional sources of finance. Since it was established in 2005, it has provided nearly £10 million of finance to 200 small businesses across London.

CEO and founder, Faisel Rahman, says they aim to help customers achieve their business aspirations by offering an alternative to high-cost lending. Run on a social enterprise model, Fair Finance re-invests its profits back into the company, allowing it to serve further customers. It works in partnership with major banks such as Santander and BNPP, as well as individual and institutional investors such as the European Investment Fund, to provide finance to those cut off by the mainstream credit market.

Through the company’s success of responsible lending, Mr Rahman believes there has been a boost of confidence within the small business sector. According to figures published by The Department for Business Innovation & Skills earlier this year, 66% of micro businesses aimed to grow within in the next two to three years.

In the next five years, Fair Finance aims to help nearly 1,000 small businesses in the capital.

The Prime Minister, said: “Britain is in a global race and our small businesses and entrepreneurs are vital to helping us compete and succeed. I’m delighted to be recognising the boost Fair Finance provides with this Big Society Award.”

This was posted in Bdaily's Members' News section by Emma Al-Mousawi .