Business Enterprise Fund commits funding for struggling UK businesses
The not -for-profit social enterprise has committed funding to support businesses during the coronavirus (COVID-19) outbreak.
Business Enterprise Fund (BEF), the not-for-profit social enterprise
is an approved delivery partner of the British Business Bank and will provide
their funding to support SMEs where needed.
The Coronavirus Business Interruption
Loan Scheme (CBILS) is the new guarantee scheme that facilitates lending to
smaller businesses across the UK who are experiencing lost or deferred revenues.
In addition to CBILS, BEF can deliver
short-term working capital loans of up to £250,000 to safeguard businesses and
staff, as well as start-up loans, with £12m of additional funding secured from
Impact investors. CBILS also covers the Northern Powerhouse Investment Fund (NPIF) which is £10m of further British Business Bank funding for businesses in the
Yorkshire & Humber Region.
Stephen Waud, CEO of BEF, comments: “As a
responsible finance provider our mission is to support and help communities and
SMEs are critical to those communities, especially now as jobs and livelihoods
are at risk.”
“We have been getting inundated with
business owners looking for support and so I’m pleased to assure them that we
will be supporting you as best we can as a non-bank can in these hard times”.
BEF provides funding, support and
advice for growing businesses across all sectors. Its aim is to deliver
flexible finance to businesses in geographical areas that need it most, by
providing unsecured business loans when other lenders cannot fully assist. It
is a subsidiary of the West and North Yorkshire Chamber of Commerce who are
committed to supporting business in those regions.
With a track record of supporting early stage and start-up
businesses, BEF has supported a diverse range of businesses and social
enterprises from sustainable clothing, to seaweed farms, to fintech start-ups.
Last year alone, the company funded 175 brand new businesses.
Find out more about the Coronavirus Business Interruption Loan Scheme (CBILS) support available from BEF.