In November 2003, the Ethnic Business Development Corporation secured funding from the Phoenix Fund to establish a Community Development Finance Institution with the primary aim of providing loans as a lender of last resort to people from our diverse communities who are susceptible to financial exclusion and or may be “hard to reach” by mainstream initiatives.

Ethnic Mutual Ltd has been set up and registered with the Financial Services Authority (FSA) as an Industrial & Provident Society for Community Benefit. It has also secured registration as a licensed credit broker under the consumer Credit Act 1974, and licensed by the office of fair trading to provide loans, credit brokerage, hire purchase, debt counselling and guarantees, Ethnic Mutual is one of a growing number of Community Development Finance Institutions providing access to finance as lenders of last resort to people at risk of financial exclusion.

Ethnic Mutual has recently developed a specialist loan product for community organizations.
This product is designed to bring down the cost to organizations owning and maintaining ICT. Click here for further details

With assistance and support from organisations such as London Rebuilding Society, Industrial Common Ownership Fund (ICOF), the CDFA, Esmee Fairbairn Foundation and Barclays Bank Plc.
Ethnic Mutual is now established within the growing network of CDFIs in London and play
a strategic role in providing access to finance for private and social enterprise development in the Capital.

Our primary objective is to support private and social enterprises to meet aspirations through a mixture of practical business support and a fair chance to access loan finance to support viable business ideas that have been refused credit from mainstream financial institutions.

As a CDFI, we look for social objectives such as crime diversion, employment, personal development and community enterprise as
key achievements within any loan facility we may provide
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