Prosper Spring

More documents

Recommendations

Info

COMMERCIAL FEATURE: ART BUSINESS LOANS Midlands businesses to benefit from unique social funding partnership Businesses in the West Midlands that struggle to access finance from high street lenders are set to benefit from a £4m funding package thanks to a unique partnership between three socially-minded organisations. Block Inc (NYSE: SQ), a global technology company with a focus on financial services, is making its first social impact investment in the UK, providing £2m capital to ART Business Loans (ART), which is being matched by well-established ethical lender Unity Trust Bank. ART, a Birmingham-based Community Development Finance Institution (CDFI), was founded in 1997 to help alleviate poverty through enterprise. ART lends between £10,000 and £150,000 to businesses in underserved and disadvantaged communities which are unable to obtain their full requirements from traditional banks. Dr Steve Walker, Chief Executive at ART said: “This deal is a real game-changer for us and a great vote of confidence from such well-established institutions as Block and Unity Trust Bank. “With the backing and support of these two allies, ART has never been in a stronger position to write the next chapter of our 25-year history. “This £4 million agreement puts ART on a firm financial footing at a time of considerable economic uncertainty and enables us to continue to provide key financial support to SMEs across the West Midlands, many of whom are currently facing considerable financial headwinds.” Block is made up of ecosystems, including Square, Cash App, Spiral, TIDAL, and TBD, with a united purpose of expanding economic access for everyone. Today’s investment comes from its $100m social impact investment fund, which was established in 2020 to support minority and underserved communities, allocating $10 million for social impact investments in markets outside the US. Amrita Ahuja, Chief Financial Officer at Block, said: “We are thrilled to be making our first UK social impact investment. ART’s efforts to help underserved groups access fair and responsible finance is completely aligned with Block’s mission of economic empowerment. “We believe fair access to finance is what unlocks opportunities for individuals and communities and are pleased to be able to invest in local programs that further this mission.” Unity Trust Bank, a thriving commercial bank that is headquartered in Birmingham city centre, has been using banking to improve the lives of UK communities for nearly 40 years. It is a long-standing supporter of CDFIs and has provided ART with £20.4m funding since 2005. Deborah Hazell, CEO at Unity Trust Bank, said: ““Financial inclusion is a key focus for us and we are committed to providing access to fair and affordable finance through intermediaries such as ART. “Historically, we have supported CDFIs by match funding grant money they have received from local authorities, central government or the European Regional Development Fund (ERDF). This new co-lending partnership is a significant development and we welcome the addition of a corporate investor supporting this underserved sector.” • see www.artbusinessloans.co.uk Pictured from left to right are: Deborah Hazell CEO at Unity Trust Bank; Dr Steve Walker, Chief Executive at ART; and Helen Prowse, Head of International Corporate Communications at Block Inc 58 PROSPER SPRING 2023
As ART business Loans (ART) celebrates 25 years in business, it is encouraging that through credit crunch, recession and pandemic, ART has remained true to its mission. ART continues to provide access to appropriate finance supporting enterprise and targeting job creation and preservation in underserved areas and communities. ART provides loans of between £10,000 and £150,000 across the Midlands, with a mixture of private sector funds and public sector support where banks have been unable to fully meet the customer’s needs. The customer base is very well spread across many sectors and ART remains committed to supporting viable businesses, to give them the opportunity to grow or trade through challenging times. To apply for a loan, see ART’s website: www.artbusinessloans.co.uk
Page 1:
THE REGION’S LONGEST-RUNNING BUSI
Page 4 and 5:
CONTACTS Editor Sarah Thompson 0330
Page 7 and 8: WELCOME As the economy continues to
Page 10 and 11: NEWS Apprentices backed to ‘futur
Page 12 and 13: NEWS Vishwas and Olu Students celeb
Page 14 and 15: NEWS BCC recruitment survey underli
Page 16 and 17: NEWS Encouraging male staff to seek
Page 18 and 19: PROSPER INTERVIEW Walsall’s acade
Page 20 and 21: PROSPER INTERVIEW: JAT SHARMA “Pe
Page 22 and 23: IN PROFILE: DAVE ROBERTS, MD, WOLVE
Page 24 and 25: BUSINESS IS DONE BETTER TOGETHER Ma
Page 26 and 27: BUSINESS IS DONE BETTER TOGETHER: S
Page 28 and 29: BUSINESS IS DONE BETTER TOGETHER: W
Page 30 and 31: BUSINESS IS DONE BETTER TOGETHER: W
Page 32 and 33: Ground-breaking This is The Black C
Page 34 and 35: THIS IS THE BLACK COUNTRY: RESPONSE
Page 36 and 37: COMMERCIAL FEATURE: BUSINESS AND YO
Page 38 and 39: BUSINESS IN THE COMMUNITY Nicklin s
Page 40: EVENTS: CHAMBER EXPO Let’s Do Bus
Page 43 and 44: army of technical partners. “This
Page 45 and 46: ‘‘ In the event of a customer i
Page 47 and 48: ‘‘ “It is wrong to say that t
Page 49 and 50: making workplace cultures more age
Page 51 and 52: LGVs queue to enter the docks at Do
Page 53 and 54: See you Third Week Wednesday! Each
Page 55 and 56: PROFESSIONAL DEVELOPMENT & TRAINING
show all

Prosper Spring

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?