Yorkshire lender predicts big year for small business finance after hitting £23m mark

A Yorkshire-based business lender expects 2016 to be a strong year for the region’s SMEs, after creating over 2,000 jobs and lending over £23m to businesses over 11 years.

The Business Enterprise Fund (BEF) has secured funds of £3.5m from the European Investment Fund and £700k capital investment from the government’s Regional Growth Fund.

BEF assists SME businesses, which have been turned away from mainstream lenders, to access finances with loans provided for up to £50k.

Chique Photography Studio, which opened its Huddersfield base in October 2014 with a Start Up loan secured through BEF, sought out a second loan to open a further studio in Wakefield in October 2015.

Jane Earnshaw, co-owner at Chique, said: “The support we received from the team at BEF was brilliant. They were able to advise every step of the way throughout the loan process which has enabled us to open the second studio and create a total of 20 jobs.”

Chief Executive at BEF, Stephen Waud, added: “Although there are signs in the world economy around slackening pace and lower demand, we are not finding this at the grass roots level. Businesses are still eager for development and growth finance and we are keen to support those businesses.

“In 2016 we’re expecting to see a further increase in small businesses accessing finance to grow and progress which is heartening to see for the region.”