The Community Development Finance Association (CDFA) has warmed that the Phoenix Development Fund could be undermined amid fears it will disappear into regional development agencies, whose goals are more wide ranging.
Supporters of the scheme, which supports business start-ups in deprived areas of England, say no plans have been made for its future beyond 2006.
Phoenix, part of the government’s Enterprise for All initiative, provides more than 30% of the £106m that community development finance institutions provide to needy businesses and individuals each year.
References: Financial Times 18/05/04 page 4
