International Law firm Simmons & Simmons has advised the British Business Bank on the launch of the Community ENABLE Funding programme to increase funding for social impact sector lenders.
The programme aims to increase access to funding for social impact lenders and the smaller businesses they serve across the UK. The British Business Bank will work with not-for-profit lenders, including Community Development Financial Institutions (CDFIs) to boost debt finance supply to smaller businesses in the UK, supporting up to £150m of lending over the next two years.
CDFIs are regional, not-for-profit lenders that reinvest profits to provide fair and affordable finance, creating social value for their communities.
In 2023, the social impact sector lent £102m to 4,546 smaller businesses, with a strong regional focus outside London.
The Simmons team was led by Jennifer Aubry, Partner in the firm’s Structured Finance and Derivatives practice.
Jennifer Aubry commented: "We are thrilled to have supported the British Business Bank in the launch of the Community ENABLE Funding programme, a significant step towards enhancing the financial landscape for social impact sector lenders in the UK and the smaller businesses they support. By empowering Community Development Financial Institutions and other not-for-profit lenders, this programme helps to ensure that vital funding reaches the businesses that need it most, particularly in regions outside of London. We are proud to have worked with the British Business Bank on this innovative programme and look forward to seeing the positive impact it will have on communities nationwide."
