--- title: "Affordable financial services products: No Interest Loan Scheme (NILS) and other innovative affordable finance solutions" ocid: "ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804" markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804.md" json_url: "https://d3tenders.com/contract/ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804.json" source: "Contracts Finder" current_stage: "Tender" buyer: "FAIR4ALL FINANCE LIMITED" published: "2021-12-22" --- # Affordable financial services products: No Interest Loan Scheme (NILS) and other innovative affordable finance solutions Buyer: FAIR4ALL FINANCE LIMITED Current stage: Tender OCID: ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804) [Download OCDS JSON](https://d3tenders.com/contract/ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804.json) ## Summary The procurement process, initiated by FAIR4ALL FINANCE LIMITED, is focused on the tender titled "Affordable financial services products: No Interest Loan Scheme (NILS) and other innovative affordable finance solutions." This initiative falls under the financial and insurance services industry and is aimed at enhancing credit provision for individuals in vulnerable circumstances across various locations in the United Kingdom, including England, Northern Ireland, Scotland, and Wales. The tender is currently in the active stage, with bids due by 14th February 2022. The total procurement value is £90 million, with a minimum value set at £50 million, and the resulting contracts are intended to commence on 1st May 2022 and may extend for up to five additional years subject to mutual consent and funding availability. This tender presents lucrative opportunities for businesses, particularly small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs), that are equipped to innovate and deliver affordable finance solutions. Companies with a background in credit provision, financial product development, or those offering services aimed at breaking down barriers for underrepresented consumers in the credit market would be particularly well-suited to compete for this contract. Participants are encouraged to propose plans addressing diverse challenges such as problem debt, appliance poverty, and ethical lending, thereby playing a crucial role in enhancing financial inclusion and responsible lending practices across the UK. ## Notice We are seeking partners to co-design, pilot and then scale up innovative affordable finance products targeted at people in vulnerable circumstances. The first pilot is a no interest loans scheme to be delivered in six locations across England, Northern Ireland, Scotland and Wales. The Treasury backed NILS pilot is an opportunity to improve credit provision for customers who don't currently have access to a fair credit option who are excluded from credit because of they cannot afford the interest and the principal, but could afford principal repayments; or who do not meet lending criteria for other reasons but where there is a societal benefit to lending to them responsibly. Equivalent services have been in place internationally for a long time but no scaled provision exists in the UK. We hope that the pilot results in a positive set of outcomes for customers, and also for the partners who help to deliver the programme. One of our objectives for the pilot is that it strengthens overall affordable credit provision in the UK. Bid opportunities are divided into geographic lots with options to bid for more than one lot or all lots. We are also seeking partners to work with us on wider innovative product development initiatives leading to pilot implementation and scaled up delivery. This is covered in a separate lot, initially focussed on England, but with the option to be extended beyond. This may encompass the development, piloting and scaling of: Solutions tackling problem debt Solutions tackling appliance poverty Insurance products specifically designed for low income households Savings products and credit builder products Alternative and fair versions of buy now, pay later (BNPL) lending Revolving credit products or ethical overdraft products Car financing and other products to enable economic livelihood to improve Hire purchase or conditional sale products Fair and accessible credit cards Other lending products which may also be coupled with complementary products eg savings, credit builder products, insurance offerings and more. Therefore, we are seeking partner organisations who share the vision of a credit market which can provide a fair and affordable option for all customers. Stringent tests are included in our procurement about bidders track record with the customers we are targeting and their commitment to delivering these contracts within the interests of the customer coming first. The contracts are set up to be capable of being extended for a further 5 years after the initial development and piloting period and these extensions are dependent on our funding partners contributing beyond the initial term and would be entered into by mutual consent. ## Key Details | Field | Value | | --- | --- | | Publication source | Contracts Finder | | Latest notice | https://www.contractsfinder.service.gov.uk/Notice/82ecd2bd-53f9-42ce-9873-899c86ec05cc | | Notice type | Tender Notice | | Procurement type | Standard | | Procurement category | Services | | Procurement method | Open | | Procurement method details | Open procedure (above threshold) | | Tender suitability | SME, VCSE | | Awardee scale | Not specified | | All stages | Tender | ## Dates | Field | Value | | --- | --- | | Publication date | 22 Dec 2021 | | Submission deadline | 14 Feb 2022 | | Future notice date | Not specified | | Award date | Not specified | | Contract period | 30 Apr 2022 - 30 Apr 2026 | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | £90,000,000 | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Active | | Lots status | Not specified | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | FAIR4ALL FINANCE LIMITED | | Locality | LONDON | | Post town | East London | | Postcode | E1 6LS | | Country | England | | ITL 1 | TLI London | | ITL 2 | TLI4 Inner London - East | | ITL 3 | TLI42 Tower Hamlets | | Local authority | Tower Hamlets | | Electoral ward | Spitalfields & Banglatown | | Westminster constituency | Bethnal Green and Stepney | | Delivery location | Not specified | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66000000 - Financial and insurance services ## Release History - 22 Dec 2021 at 15:11 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/82ecd2bd-53f9-42ce-9873-899c86ec05cc ## Documents - https://www.contractsfinder.service.gov.uk/Notice/82ecd2bd-53f9-42ce-9873-899c86ec05cc 22nd December 2021 - Opportunity notice on Contracts Finder - https://fair4allfinance.marketdojo.com/users/current_opportunities All documents related to this tender can be found on the Market Dojo e-tendering software. You will need to register on Market Dojo, then access the NILS opportunity and click on the "Documents" tab on the right hand side. ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-94d887c6-73b1-4b52-8bff-2c3222d30804.json.