Community Development Banks are more common in the USA than they are in the UK. They were originally set up to assist people who reside in lower income areas with the aim of helping those who wouldnt ordinarily be able to gain access to conventional banking facilities to prevent social exclusion and also to, hopefully, act as a catalyst towards economic development.
Although the concept has been much slower to catch on in the UK, the Royal Bank of Scotland has continued to play its part in helping to boost access to credit in low-income neighbourhoods where even bad credit loans are not accessible to all and to provide backing for social enterprise projects.
One of its major success stories has been that of Aspire Community Enterprise Ltd. which was set up in 1999 in Bristol.
Its aim was to provide meaningful employment and training opportunities to homeless and ex-homeless people through the distribution of a fair trade catalogue provided by the homeless. Within a year of its conception, Aspire had helped to provide full-time work for 15 homeless people who included ex-offenders and people with a history of drug abuse and it was also able to secure living...
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