Tag: Business Enterprise Fund

UK Accolade for Business Enterprise Fund from International Foundation

Business Enterprise Fund (BEF), which provides finance and support for new and existing businesses in Yorkshire and the North East, has been given the UK top accolade for its economic and social impact from an international foundation.

Its work has been recognised for making an “enormous contribution to economic growth and the social and environmental vibrancy of the communities it serves,” and for its demonstrable performance towards the United Nations Sustainable Development Goals.

Part of the West & North Yorkshire Chamber of Commerce, BEF supports SMEs and social enterprises and lent £8.8m to 399 clients in 2018, helping launch 179 new businesses, creating or safeguarding 985 UK jobs. This was delivered alongside 4,000 hours of tailored business support and brought £39m of economic benefit to the regional economy.

BEF’s focus on measuring, demonstrating and improving its impact, including showing how its performance contributes to the United Nations Sustainable Development Goals, impressed the judges in the Citi Microentrepreneurship Awards, funded by the Citi Foundation. BEF was named the winner of the “Impact Award” at a national ceremony this week.

The Citi Microentrepreneurship Awards, funded by the Citi Foundation, are the annual celebration of Britain’s microentrepreneurs that have accessed “responsible” business finance – and the providers, like BEF, which work with them.

Responsible Finance providers are a crucial part of the UK’s financial sector and the leading financial institutions offering affordable finance to many small and micro enterprises, and social enterprises.

Stephen Waud, Chief Executive of BEF, said:

“I’m thrilled that BEF’s work supporting businesses and social enterprises in the North of England, particularly in disadvantaged areas within North and West Yorkshire, Humberside and the North East has been recognised.

“Measuring and reporting on our impact has been a key area of focus in the last 12 months and the United Nations Sustainable Development Goals (UNSDGs) align naturally with our ethos as a responsible lender with a social purpose.

“We have set out clear and measurable targets for supporting and increasing our contribution to the UNSDGs and will report annually on progress. Reporting and demonstrating our impact has also enabled BEF to develop relationships and new funding streams, helping to enhance our credentials in the social investment arena. This prestigious accolade is a testament to the work of our team – we’re absolutely delighted.”

Responsible finance providers across the UK, including BEF, lent £85 million to over 5,000 businesses in 2018, and 84% of business customers supported by responsible finance providers were previously turned down by a bank.

Launched in 2005, (and in 2013 in the UK), the Citi Microentrepreneurship Awards were established by the Citi Foundation to recognise best-in-class microentrepreneurs and celebrate the responsible finance sector and their contribution to national economies.

The Citi Foundation is committed to supporting and celebrating the responsible finance sector, as well as youth entrepreneurs through its Pathways to Progress initiative that is tackling youth unemployment globally.

“The Citi Microentrepreneurship Awards are a celebration of the enterprises and local businesses which are the backbone of our communities. They also recognise the important role responsible finance providers play in supporting the entrepreneurship ecosystem, which enables many microenterprises to grow and scale their businesses,” said Bob Annibale, Global Director, Citi Inclusive Finance and Community Development.

“This year’s Citi Microentrepreneurship Awards align with the UN Sustainable Development Goals agenda. Business Enterprise Fund makes an enormous contribution to economic growth and the social and environmental vibrancy of the communities it serves.”

BEF’s accolade is one of just 8 national awards, with recognition given to 4 businesses supported by responsible finance providers, and to 4 providers. One of the microenterprises receiving an award, Spark:York, is also a BEF client: this hub of affordable space for retailers and food businesses in York, created from upcycled shipping containers, was launched thanks to a £190k loan and business mentoring support from the Business Enterprise Fund. It has attracted 500,000 visitors in its first 10 months – and has a £1.8m turnover – and its founders Tom McKenzie and Sam Leach were named the UK’s “young entrepreneurs of the year” in the same awards.

 

Photo: L to R Awards compere, radio presenter Leanne Campbell, Stephen Waud (BEF), Lee Vickers (BEF), Simon Jackson (BEF), Nicolas Kendall (BEF), Amal Gomersall (Citi), Jennifer Tankard (Responsible Finance)

Leeds entrepreneur builds sustainable future for 3D printing

SME grant

3D printing is a fast-growing disruptive technology. From humble beginnings as a novelty demonstration tool 3D printing has become a growing player in the manufacturing world, as the technology to utilise it becomes faster and more efficient than ever before.

Leeds Entrepreneur of the Year Ravi Toor is all too aware of this. Having graduated with a BA in Environment and Business and Leeds University he saw a need for change in the market, which relies on plastic ‘filaments’ to build models and products.

“There’s a clear environmental need for recycled filament” Ravi said.

90% of all plastics worldwide are derived from non-recyclable sources, so in response to this Ravi founded Filamentive.

Using recycled polymers, the business has quickly gained traction in producing environmentally friendly filaments for the industry.

“I want to transform the 3D printing industry” said Ravi.

“The technology is brilliant, but now it can be sustainable too.”

Ravi approached the AD:Venture business support programme to help him set up his business. AD:Venture Advisor Rebekah Smith supported Ravi with writing a business plan and cash flow forecast, as well as steering him to digital marketing advice for the start-up business.

AD:Venture partner the Business Enterprise Fund (BEF) then followed, by delivering start-up funding to boost Filamentive’s stock capacity.

“The business support has been invaluable; not only are we growing, but we’re also improving the sustainability of 3D printing at the same time.” Said Ravi.

“Over the last year’s trading, while I was still finishing my degree, we achieved £50,000 revenue and we’re aiming for six figures in the next 12 months.”

Julie Micklethwaite, BEF Start Up Loans Manager, delivered the funding for Ravi.

“Filamentive is a fantastic example of how to find a gap in a very innovative market. The Start Up Loan we provided has been put to great use, and I’m delighted to see the business thrive.” She said.

Filamentive has since secured a trade deal with Amazon, opening the market to customers in the USA, including schools and manufacturing businesses such as NOA Brands – the world’s largest producer of mannequins.

 

Entrepreneur ups his game with loan

Start-up loan

A 22-year-old businessman is expanding his gaming controller modification business following a £30,000 start-up loan from the Business Enterprise Fund (BEF).