Taking the risk out of lending to low income groups
People on low incomes who find it impossible to secure affordable loans can now access finance more readily following a successful Knowledge Transfer Partnership (KTP) project jointly funded by Economic and Social Research Council (ESRC) and the Engineering and Physical Sciences Research Council (EPSRC). Following the two-year KTP collaborative project, lending by East Lancashire Moneyline (IPS) Ltd, a not for profit Industrial and Provident Society that provides access to credit, savings and advice, primarily to low income individuals, is set to increase by 50 per cent from 2011 to 2012.