History
Early days...
Since 2000 The Environment Trust began working in a number of areas to tackle financial exclusion. They offered two services: microcredit lending for excluded women wanting to move into self employment and debt advice for indebted housing association tenants in East London.
The next steps...
In June 2003 over 30 local and regional organisations joined to form The East End Reinvestment Trust to investigate the financial needs of communities in Tower Hamlets, Hackney and Newham. A development plan was completed in October 2004, stating that it would:
“to challenge financial exclusion and exploitation initially in East London, and to be an ethical and socially responsible lender offering people a fair financial deal”
The launch of Fair Finance
In December 2004, East End Fair Finance, which trades under the name Fair Finance, was registered by the FSA. It opened its doors as a social business on April 4th 2005 in the heart of East London’s Stepney.
Our achievements
- In April 2005, Fair Finance published the first disclosure report in the UK of all our lending, promoting transparency and accountability in all lenders.
- Developed the first effective governance model between CDFI’s and the FSA (2004).
- Cited by the Bank of England’s 9th Annual Report on Small Businesses (2001) as a model of community-led innovation through partnership working.
- Recognised for excellence in community enterprises by the Development Trusts Association in 2001.
- Received a letter of support and personal visit from the New York Federal Reserve Bank of America in 2002.
- Cited as an example of best practice by the National Strategy for Neighbourhood Renewal in 1999.
- Cited as an example of innovation and good practice by the Royal Town Planning Institute in 2002.
- Cited as an example of good practice by Microfinance Gateway, the website of the international Consultative Group to Assist the Poor, in 2001.
