Accreditation of community development finance institutions (CDFIs): Period of accreditation
An accreditation of a CDFI by the Department for Business, Energy & Industrial Strategy (BEIS) runs for a period of three years from the date specified in the notice of accreditation (CITM2040).
The specified commencement date is generally:
- for new applications, the day the accreditation is granted
- for applications for re-accreditation, the time that the current accreditation expires.
But where an accredited CDFI is applying for re-accreditation it may request that the existing accreditation ceases to have effect immediately before the new accreditation was granted. This provision may be used by CDFIs who have already raised the maximum funds permitted under the terms of their existing accreditation and wish to raise more before the period of that accreditation expires (see CITM2070).