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Business Enterprise Fund (BEF) takes over PIF legacy funds

The take over provides additional funds to support the region's SMEs.

Following extensive dialogue and engagement with Partnership Investment Finance (PIF), government and the region’s LEPs, Business Enterprise Fund (BEF) will take over most of the delivery of the legacy funds for the region from August 2021.

PIF was amongst the first ERDF funds for the region back in 2004 and successfully delivered over £41.5m to support SMEs across the Objective two areas of West, North and East Yorkshire and Humberside.

BEF have agreed to double the legacy funds with their own funds and will deliver these monies for the benefit of SMEs in the region.

Steve Waud, CEO of BEF said: “We are thrilled to be able to pick up the mantle from PIF and continue to help and support micro and SME businesses across the region. These funds enable us to scratch where it itches and help in ways that other funds can’t.”

Martin Hathaway, Chairman of PIF said: “This agreement means that BEF will be able to provide additional support for SMEs looking for micro finance at a time of unprecedented pressure.”

BEF deliver a variety of funds including the Northern Powerhouse Investment Fund and Start Up Loans. Last year they invested a record £17.4m which added £70m in economic value to the region’s economy. The BEF investment helped create 286 new UK businesses and helped create or safeguard 3,524 jobs.

To discuss finance for your business, contact us today on 0800 080 3145 or [email protected].

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