Responsible Finance provider boosts CBILS funding and launches new loan products

Business Enterprise Fund (BEF), the Yorkshire-based responsible finance provider has received an increased allocation of CBILS guarantee to help SMEs deal with the impact of the Covid-19 crisis. BEF welcomes applications from £50,001 to £150,000 from businesses that have been affected by Covid-19.

Simon Jackson, Head of Lending at BEF said: “We have delivered a record-breaking £11m in support to businesses across the North and beyond during lockdown. This additional allocation enables us to support more businesses who are struggling to secure the finance they need.”

BEF has also introduced ‘Revive & Thrive’ loans, a flexible finance product to support SMEs with their ongoing cash flow needs. BEF’s ‘Revive & Thrive’ loans are ideally suited to businesses that have existing Bounce Back loans or are unable to access them. Available now, BEF’s Revive & Thrive loans offer access to flexible finance up to £50,000.

Simon continues: “Feedback from existing and potential clients showed us that businesses continue to require additional fast and flexible support. Our ‘Revive & Thrive’ loans were introduced to help ease the cashflow burden that many businesses face. We are confident that it will help many survive the Covid-19 crisis.”

The deadline for receiving a CBILs guarantee is the 30th of November this year with final draw down required by the 31st of December.

For information on how to secure or discuss business funding, please visit www.befund.org.

About Business Enterprise Fund (BEF)

BEF was launched 15 years ago in Bradford, growing steadily to cover the wider Northern region.

BEF is a Delivery Partner for the Government’s Start Up Loans Programme which supports emerging and young businesses with finance and support. BEF, alongside FFE, deliver the Northern Powerhouse Investment Fund’s Microfinance Loans across Yorkshire, Humber and the Tees Valley, a fund delivered by the British Business Bank.

As a social enterprise and a Responsible Finance Provider, BEF’s profits are reinvested into the loan fund and granted to organisations that encourage and build enterprise.

Bradford: City Hub, 9-11 Peckover Street, Little Germany, Bradford, BD1 5BD

Tees Valley: Belasis Hall Technology Park, Coxwold Way, Billingham, Stockton-on-Tees, TS23 4EA

Goole: Goole Development Trust, 57 Carlisle Street, Goole, DN14 5DS

Manchester: Regus, Manchester Business Park, 3000 Aviator Way, Manchester, Greater Manchester, M22 5TG

Business Enterprise Fund commits funding for struggling UK businesses

SME Loans

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.