CITM2020 - Accreditation: Criteria for Accreditation
ITA/s340; SI2003/96 Regulation 3
The key criteria against which applications for accreditation of
a body as a Community Development Finance Institution (CDFI) will
be considered are specified at Section 340 of Income Tax Act 2007.
A body will only be accredited as a CDFI if the Secretary of
State is satisfied that its principal objective is to provide
finance (or finance and access to business advice) for enterprises
for disadvantaged communities. Those enterprises include:
- enterprises located in disadvantage areas, and
- enterprises which are owned or operated by, or designed to serve, members of disadvantaged groups.
In addition, the Secretary of State must be satisfied that the
body meets certain other criteria specified either in regulations
made by the Treasury, see SI2003/96; or in material published by
the Secretary of State for Business, Enterprise & Regulatory
Reform (BERR).
The material published by the Secretary of State can be
accessed on the BERR website at www.berr.gov.uk (‘Material
Concerning the Accreditation of Community Development Finance
Institutions’).
