Cable to speak at Solihull conference on alternative funding

ISSUES surrounding alternative sources of finance will take centre stage at a conference in Solihull set to be attended by Business Secretary Vince Cable.

The Community Development Finance Association’s annual conference will focus on the need to generate funding for start-up and established businesses alike.

The conference, which takes place tomorrow and Friday at St John’s Hotel, will highlight the role community finance initiatives can have in supporting new businesses.

Community finance providers are social lenders that provide credit to those who cannot access bank finance. They are designed to stimulate business start up and growth as well as serving financially excluded households who may otherwise turn to high-cost pay day lenders or loan sharks.

The CDFA said the combined social and financial goals of community finance were driving job creation and growth across the West Midlands.

During his speech, Mr Cable is expected to speak about new funding for community finance providers, aimed at creating jobs in deprived communities, including parts of Birmingham and Solihull.

The conference will also host a series of debates, for example featuring the Consumer Finance Association, lender Wonga and financial inclusion campaigners.

Other speakers will include:

•    Don Foster, newly appointed Under-Secretary of State for the Department of Communities and Local Government
•    Lord Young of Graffham
•    Baroness Kramer of Richmond Park
•    Gareth Thomas, MP
•    Anthony Browne, CEO, British Bankers’ Association
•    Nick O’Donohoe, CEO, Big Society Capital
•    Peter Ibbetson, Chairman of Small Business Banking, The Royal Bank of Scotland

There will also be representatives from: Big Society Capital, the British Bankers’ Association, Buzzbnk, the Cabinet Office and Social Enterprise UK.