Responsible Finance appoints Non-Executive Director

Responsible Finance has appointed Chris Sood-Nicholls of Lloyds Banking Group to its board as a Non-Executive Director.

Sood-Nicholls is Managing Director, Regional Development at Lloyds Banking Group and set up the bank’s regional development programme. A long-term advocate for impact lending and financial inclusion, he also serves on the boards of Energy Capital, the regional energy partnership for the West Midlands, and The Blackpool Pride of Place Partnership.

His appointment to the Responsible Finance board follows March 2024’s announcement of Lloyds Bank’s £43m investment into three Community Development Finance Institutions (CDFIs) through the £62 million Community Investment Enterprise Fund (CIEF), which aims to invest in around 800 small businesses, supporting around 10,500 jobs.

Responsible Finance’s CDFI members support viable businesses, social enterprises, and people who can afford to repay a small sum loan, but may not be able to access the finance they need from banks and other sources. In 2023, they lent £287 million to customers who may otherwise have been excluded from affordable finance, a 14% increase on 2022, and the highest total lending in their 30 year history, creating and safeguarding over 12,000 jobs.

Peter Udale, chair of Responsible Finance, said “We are delighted Chris has agreed to join the board of Responsible Finance. Not only does he bring considerable expertise and enthusiasm for the CDFI sector, but his appointment strengthens the growing partnerships between CDFIs and banks. We look forward to working with Chris.”