In order to be eligible to apply to participate in the Affordable Credit Challenge, applications and applicants must meet the following Eligibility Criteria:
1. The Challenge is open to applications from partnerships comprising:
- At least one UK community lender (e.g. a UK credit union, Community Development Financial Institution (CDFI) or other responsible lender); and
- At least one fintech.
2. The partnership must submit a joint application to the Challenge through Nesta Challenges’ designated application portal, with a community lender designated as Lead Organisation.
3. For the purpose of the Challenge, ‘UK community lender’ refers to an organisation with a social purpose that provides affordable loans to borrowers in the UK. It includes credit unions, Community Development Financial Institutions and other responsible lenders.
4. A community lender applying to the Challenge must have the necessary regulatory authorisations to provide its services in the UK.
5. For the purpose of the Challenge ‘fintech’ means a legally incorporated entity operating in the financial services sector with advanced technological capabilities.
6. A fintech applying to the Challenge must have the necessary regulatory authorisations to provide its services in the UK.
7. If in doubt whether you are an eligible community lender or fintech, please consult Nesta Challenges, whose decision on eligibility will be final.
8. So long as the above criteria are met, no limitation is placed on the number of community lenders or fintechs in a partnership. For example, an eligible application may include one fintech and several community lenders. Please note the value of Development Grants and Prize Awards will not vary depending on the number of parties involved in a partnership.
9. Each partnership may only submit one application to the Challenge. However, individual community lenders or fintechs may submit additional applications as part of different partnerships.
10. Applications from eligible partnerships will be assessed against the published Challenge Assessment Criteria.
If you have any questions about these Eligibility Criteria, please contact the team.