In November 2003, the Ethnic Business Development Corporation secured funding from the Phoenix Fund to establish a Community Development Finance Institution with the primary aim of providing loans as a lender of last resort to people from our diverse communities who are susceptible to financial exclusion and or may be “hard to reach” by mainstream initiatives.

Ethnic Mutual Ltd has been set up and registered with the Financial Services Authority (FSA) as an Industrial & Provident Society for Community Benefit. It has also secured registration as a licensed credit broker under the consumer Credit Act 1974, and licensed by the office of fair trading to provide loans, credit brokerage, hire purchase, debt counselling and guarantees, Ethnic Mutual is one of a growing number of Community Development Finance Institutions providing access to finance as lenders of last resort to people at risk of financial exclusion.

Ethnic Mutual has recently developed a specialist loan product for community organizations.
This product is designed to bring down the cost to organizations owning and maintaining ICT. Click here for further details