CITM3110 - Investment by community development finance institutions (CDFIs): “Wholesale” CDFIs

SI2003/96 Schedule 1(11)

An investment by a wholesale CDFI (see CITM2050) is not a relevant investment for the purposes of SI2003/96 (see CITM3030) while (if and for so long as), as a consequence of that investment -

• the investment exceeds the lesser of

• 20% of the amount of the investment fund at the immediately preceding anniversary of the accreditation date, and
• £2,500,000, or

• the investment exceeds £250,000 and is made in a body other than a CDFI whose objective is to provide finance for enterprises within, or for, disadvantaged communities

The amount in the investment fund is calculated in accordance with SI2003/96 Regulation 9 (see CITM3010).

For investments made during the first year following accreditation the 20% limit operates by reference to the amount of the investment fund at the time the investment by the CDFI is made.