Specialist finance provider The Business Enterprise Fund has added £86m to the regional economy following an investment of £21.5m in SMEs, according to its latest social impact report.
The report for the year ended in March shows that the fund, operating in Yorkshire, the Humber, Sunderland and Manchester, helped to launch 599 new UK businesses, completed 976 client deals and created or safeguarded 4,470 UK-wide jobs.
Specialising in providing flexible finance to businesses who are improving the social and financial wellbeing of their communities, BEF is a delivery partner for the government’s Start Up Loans Programme and the Northern Powerhouse Investment Fund II’s Smaller Loans Fund via the British Business Bank.
Simon Jackson, Director of Investments at BEF said: “It’s known that 90% of CDFI customers were first denied by another lender – and yet our social impact reveals the immensely positive impact these businesses have on their surrounding communities. That could be in terms of providing employment, collaboration or creating services and spaces that serve people’s needs.”
Stephen Waud, Chief Exec at the BEF, aded: “We’re incredibly proud to have dedicated nearly 12,000 hours of investor time in supporting these businesses; we’re in a fortunate position where we’re able to serve entrepreneurs and business owners where traditional or challenger banks simply can’t.
“Our priorities lie in helping women, minorities and those who struggle mainstream funding. We started in Bradford 20 years ago and we’re now working with the lowest 35% most deprived communities across the North of England. The proof is, if we support SMEs and micro-businesses in these areas, we’ll see true social and economic transformation.”
