Barclays has today announced the launch of a £250,000 fund intended to help local community finance organisations (CFO) fight the threat of loan sharks.
The bank is making £250,000 in grants of up to £35,000 available to reward grass-roots community organisations who have helped to make affordable credit available to all.
CFOs are at the frontline of tackling loan sharks by providing finance in the form of unsecured and homeowner loans and money advice to people who find it hardest to access mainstream lending.
The Barclays scheme is designed to reward those who have developed innovation in credit schemes and have broken new ground in tackling the problems faced by some of the most vulnerable.
“We have doubled this year’s Financial Inclusion Fund to try and support even more vulnerable people than the 9,000 that were helped through the CFOs supported by Barclays last year,” said head of financial inclusion at Barclays Peter Kelly.
“We feel that supporting the CFOs, who understand and work in the front line in deprived communities, is one of the best ways of us providing responsible banking in areas that are financially excluded, therefore helping the people who need it most.”
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