Mohammed Nazir, chairman of West Midlands Minority Ethnic Business Forum (left) and Steve Walker (right), chief executive of Aston Reinvestment Trust (ART) briefed 60 members of the banking and financial services community on the latest developments within the “alternative funding” sector  when they spoke at a “Financing Growth” seminar held at Aston Science Park, Birmingham. They are photographed with Phil Lines (centre), Director of Finance at Aston Science Park, who chaired the event.

Finance other than that provided by main-stream banking is often a crucial source of funding job-creation enterprises within under-served communities and ART, for instance, has loaned over £5 million within the last decade.

Matthew Hidderley, who organised the event on behalf of Aston Science Park’s business development team, said: “Community Development Finance Institutions (CDFIs) such as ART provide a crucial service to entrepreneurs and social enterprises who might not be able to raise additional funding from conventional sources such as banks and building societies.By filling the ‘financial gaps’ CDFIs are able to tackle financial exclusion in under-served markets or areas of population and in their own way they are helping to achieve positive social change and bring wealth to disadvantaged communities.”

He said that since its establishment ten years ago, ART had loaned over £5 million to 250 borrowers – an action which has resulted in the creation or protection of more than 2,000 jobs in the Birmingham area.

Part-funded by regional development agency Advantage West Midlands, ART is an independent organisation that lends alone, or alongside banks, to provide funds for cash flow or capital investment.

The Aston Science Park seminar, attended by members of the banking and financial services community who offer advice and support to micro and small-to-medium sized businesses, was held in association with R2i, ART, Advantage West Midlands, the West Midlands Minority Ethnic Business Forum and the Fair Finance Consortium.