Partner Article

Yorkshire finance provider BEF boosts fund by £2 million

Yorkshire business lender the Business Enterprise Fund has entered into a new deal with the European Investment Fund (EIF) boosting its fund for Yorkshire businesses by £2 million.

The deal marks the 10th anniversary for the Business Enterprise Fund (BEF) enabling them to immediately issue loans directly to businesses in North and West Yorkshire, with a focus on SMEs who have been turned away by banks.

With offices in Bradford, Leeds and York, BEF will be lending £6 million in loans to businesses who have been unable to get finance elsewhere.

The increased support from the EIF will also enable BEF to feed funds through other local CDFI’s for the rest of the region including Goole, north Lincolnshire and Hull.

BEF has seen 33% growth year on year for the previous three years and has plans to expand into other regions where businesses are struggling to get the finance needed.

Fund director Stephen Waud said: “This unique deal with the EIF goes to show the confidence and opportunity in our region. The EIF came to us to provide this credit line largely due to our success and size.

“They have indicated that further funding would be available should SMEs need more.

“BEF is going from strength to strength with our expansion, recruitment and ambitious targets to support more businesses across West and North Yorkshire than ever.”

To find out more about BEF go to www.befund.org, call 0845 2003919 or e-mail info@befund.org. Follow BEF on Twitter at @be_fund

This was posted in Bdaily's Members' News section by Clare Burnett .