A partnership of social, public, commercial and charitable funders come together to back the opening of Fair Finance’s first branch on a council estate in Stepney.
History
Fair Finance launches at the Museum of Docklands Keynote speakers include Anna Bradley of the FSA and Sir Brian Pomory, Chair of the Financial Inclusion Taskforce : “Greater access to affordable credit is vital in tackling financial exclusion. Without access to mainstream financial services, families can become locked into a cycle of poverty and exclusion and are often forced to turn to high cost or even illegal lenders, which can contribute to spiralling debt. Organisations such as Fair Finance are crucial in helping to ensure that the most vulnerable in society are able to take control of their own finances.”…Read More
Faisel leads a movement with over 70 local community organisations, housing associations and charitable agencies in East London to highlight the issues of financial inclusion locally and look for solutions. The idea for Fair Finance as social business is born.
Faisel Rahman joins the Tower Hamlets Environment Trust to develop and lead a 5 year community based project to tackle financial exclusion with Quaker Social Action and Account3. In this phase they developed and expanded the first microfinance program in London, and tested models of debt counselling with local Housing Associations. Over 600 women are lent £250k of microfinance to start businesses and 200 over-indebted residents helped to avoid eviction.
