social impact report & annual statement

BEF reaches £5 million CBILS lending milestone

The responsible finance provider helps 144 businesses save 720 jobs.

Responsible finance provider, Business Enterprise Fund (BEF), has provided over £5 million in Coronavirus Business Interruption Scheme (CBILS) support to businesses affected by the COVID-19 pandemic.

The Bradford-based, not-for-profit social enterprise delivered one of the first CBILS loans in the UK and completed its fastest CBILS loan in 5 working days. It has supported over 144 businesses and helped save 720 jobs since the launch of CBILS on 23 April.

BEF worked closely with Big Society Capital, the British Business Bank and the Northern Powerhouse Investment Fund (NPIF) to ensure funds were available to support as many businesses as possible.

Speaking of the latest milestone, BEF CEO, Stephen Waud, said: “I’m proud our of response to the challenge of supporting businesses with much needed working capital. Our team of 21 have worked hard to deliver £5m of CBILS support to businesses across the North and as far South as Oxford and Orpington.”

“We are a member of the responsible finance sector which has delivered £15m of CBILS support to businesses across the UK. True to its ethos, the sector has helped businesses access vital cashflow when banks wouldn’t.”

Businesses supported by BEF include Spectrum Cleaning Solutions in Scarborough who received £100,000 made up of a £50,000 NPIF loan backed by CBILS and £50,000 from BEF.

Pure Haus, an ecological house builder based in Leeds received a £50,000 CBILS bridging loan that allowed them to keep a building project going, whilst a larger facility was being worked upon. The application was received on a Friday and the following Thursday the funds were in the account.

Castlehouse Construction in Otley received £150,000 CBILS support following an introduction from Amrit Choda at the Leeds Enterprise Partnership. The introduction was made after Castlehouse Construction had not received a timely response from their banks. The funding helped safeguard 30 jobs.

As an accredited CBILS lender, BEF offers CBILS support from £50,001 to £150,000. For more information, please visit our CBILS page.

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