The not -for-profit social enterprise has committed funding to support businesses during the coronavirus (COVID-19) outbreak.
Business Enterprise Fund (BEF), the not-for-profit social enterprise is an approved delivery partner of the British Business Bank and will provide their funding to support SMEs where needed.
The Coronavirus Business Interruption Loan Scheme (CBILS) is the new guarantee scheme that facilitates lending to smaller businesses across the UK who are experiencing lost or deferred revenues.
In addition to CBILS, BEF can deliver short-term working capital loans of up to £250,000 to safeguard businesses and staff, as well as start-up loans, with £12m of additional funding secured from Impact investors. CBILS also covers the Northern Powerhouse Investment Fund (NPIF) which is £10m of further British Business Bank funding for businesses in the Yorkshire & Humber Region.
Stephen Waud, CEO of BEF, comments: “As a responsible finance provider our mission is to support and help communities and SMEs are critical to those communities, especially now as jobs and livelihoods are at risk.”
“We have been getting inundated with business owners looking for support and so I’m pleased to assure them that we will be supporting you as best we can as a non-bank can in these hard times”.
BEF provides funding, support and advice for growing businesses across all sectors. Its aim is to deliver flexible finance to businesses in geographical areas that need it most, by providing unsecured business loans when other lenders cannot fully assist. It is a subsidiary of the West and North Yorkshire Chamber of Commerce who are committed to supporting business in those regions.
With a track record of supporting early stage and start-up businesses, BEF has supported a diverse range of businesses and social enterprises from sustainable clothing, to seaweed farms, to fintech start-ups. Last year alone, the company funded 175 brand new businesses.
Find out more about the Coronavirus Business Interruption Loan Scheme (CBILS) support available from BEF.