East Lancs Moneyline (ELM) is a Community Development Finance Institution that provides affordable unsecured personal loans to individuals that are excluded from mainstream credit facilities and who would otherwise be forced to use high cost credit (e.g. home collected credit or pay day loans).
Since 2002 ELM has made over 14,200 loans to financially excluded individuals. Until recently ELM delivered its loans through five offices in the north of England: Blackburn, Burnley, Bury, Grimsby and St. Helens.
Social Finance worked with ELM in 2009/10 to structure and market a bond to raise £640,000 loan capital for five new Moneyline offices in south Wales (Moneyline Cymru). The capital was successfully raised in June 2010. ELM’s Welsh operations are expected to make over 30,000 loans to financially excluded individuals over the life of the notes.
ELM’s customers currently save at least £63 in interest per £100 borrowed relative to the leading home collected credit provider in the UK generating a direct 45% social return in addition to the bond's financial coupon.