Innovative Finance was the Trust’s Community Development Finance Initiative, which originally started granting small loans to Social Enterprises, but then offered loans to individuals who are unable to obtain finance through the normal channels i.e. the banks.
The loans were initially backed by the Department of Works and Pensions and included the ‘Return to Work’ loan to assist those in returning to full time employment.
A Three Money Advice course on behalf of the Fellowship of St Nicholas was run in 08/09. This provided advice on financial matters to the financially excluded.
The Trust worked closely with Citizens Advice 1066, referring clients for whom a loan may not be the best option for their circumstances.
Funding for the project come from Hastings Borough Council via the Local Economic Growth Initiative and Barclays Bank Plc.