The Northern Powerhouse Investment Fund BEF & FFE Microfinance scheme has loaned more than £2m to small businesses across Yorkshire, the Humber and the Tees Valley.
Bradford-headquartered Business Enterprise Fund and Doncaster’s Finance For Enterprise were named fund managers in February for the Microfinance element of the NPIF and have since provided more than 50 investments to growing SMEs.
Stephen Waud, chief executive of the BEF group, said: “Investing more than £2m through NPIF – BEF & FFE Microfinance demonstrates the vibrant SME market in Yorkshire, Humber and the Tees Valley, but that’s not all because we have committed to match the investments through our own funds, so that equates to more than £4m invested in that period.
“There is no sign of slowing down, with SMEs accounting for 99.3 per cent of UK private sector businesses.
“The Autumn Budget has pledged £1.7bn into the Northern Powerhouse, combined with the government’s commitment to the British Business Bank, and we continue to be in a strong position to support entrepreneurs and businesses.”
BEF has offices in Bradford, Leeds, York, Goole and Teesside, and provides loans for businesses in industries ranging from manufacturing and service providers to food and drink and hospitality. Over the next five years, it is hoping to invest upwards of £50m in Yorkshire, the Humber and the Tees Valley.
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