COMMUNITY DEVELOPMENT FINANCE

That this House recognises that for the last decade the community development finance sector has been an effective way of providing loans and support to small businesses, social enterprises and entrepreneurs in deprived communities; further notes that these community development finance institutions have financed over 24,000 businesses and individuals, created 15,800 jobs and sustained 70,000 more; believes that this sector has the infrastructure and expertise in place quickly to deliver finance directly into the communities most affected by the downturn; and urges the Government to follow the lead set by President Obama in the United States by introducing measures to support these innovative organisations which are helping communities to help themselves out of recession.