No Interest Loan Scheme pilot procurement open to bidders
We’ve published our Invitation to Tender for the No Interest Loan Scheme (NILS) pilot we’re delivering in partnership with Toynbee Hall and Fair By Design – the first of its scale across the UK, with £3.8m in funding from HM Treasury and up to £1m of lending capital from each devolved administration, matched in England by Fair4All Finance.
The pilot will deliver support to people in financially vulnerable circumstances across the UK. It will test the benefits to customers, society and the economy and show whether a permanent nationwide NILS can be delivered in a sustainable way.
We are seeking bids from community finance providers and partners, particularly those from the housing association and local authority sectors, to deliver the NILS pilot.
Other innovative finance solutions
We are also seeking bids from all lenders to work with us on co-designing, piloting and then scaling up other innovative affordable finance solutions.
These may include solutions aimed at tackling problem debt or appliance poverty. Or products such as revolving credit or alternatives to buy now, pay later. Other solutions may come from the pending changes to the regulatory environment for Credit Unions, which will allow them to deliver a wider variety of products.
All solutions will be specifically targeted at people in vulnerable circumstances and designed to improve the lives of those who are consistently excluded from mainstream markets.
You can find out more and access all of the tender documents here.
The deadline for tender submissions is Monday 14 February 2022 (by 1pm GMT).
Any clarification questions relating to the procurement process or tender documents must be submitted through the messaging function on our e-tendering system Market Dojo by Wednesday 19 January 2022 (by 1pm GMT).