Member Article

Social enterprise boosts regional economy by £39m in 12 months

A social enterprise which specialises in lending flexible finance to businesses which need it most, has announced it has boosted the region’s economy by £39m in the last 12 months.

The Business Enterprise Fund (BEF) has released its 2017 – 2018 social impact report which also reveals the lender helped create or safeguard 985 jobs and helped launch 179 new businesses across West and North Yorkshire and the North East.

As a microfinance fund manager for the Northern Investment Powerhouse Fund (NPIF) and delivery partner to the Start Up Loans Company, BEF has loaned £8.8m in 12 months and provided 4,000 hours of support to businessowners.

Steve Waud, chief executive of the BEF group which is in its 14th year of lending, said: “We work very hard for the businesses and communities we serve so I’m incredibly proud of this year’s social impact report; particularly that 34% of loans issued have been to businesses in our regions’ lower-layer super output areas (LSOAs).

“These funds are going to businesses and entrepreneurs who need it most and wouldn’t be able to access responsible finance elsewhere.”

BEF, which has offices in Bradford, Leeds, York, Goole and Teesside, has also used the report to outline plans to support the UN Sustainable Development Goals (UNSDGs), which highlights objectives such as promoting inclusive and sustainable growth, reduce inequalities and make human settlements safe, resilient and sustainable.

“We work in some of the most disadvantaged communities in the North of England and we’re aiming for a 5% year-on-year increase of our lending to those communities by 2022. Alongside funding, the BEF team is so passionate about hands-on support and ongoing mentoring to help start-ups and SMEs reach their own goals,” added Steve.

In the last 12 months, BEF has continued lending to businesses inline with its own social impact goals including the founders of Trackit Lights, an interactive behavioural management system for use in schools which has already seen a 50% reduction in low level behaviour in one school.

The lender also supported, financially and through ongoing mentoring, the recent launch of Spark:York, a community project in York creating retail and food space from unused, derelict shipping containers.

Tom McKenzie, co-founder and director of Spark:York said: “The funding and ongoing support we’ve had from BEF made a huge difference to our new community hub as well as the wider area; one local pub reported its best sales month ever after our launch!”

The Business Enterprise Fund’s Social Impact Report can be downloaded here https://goo.gl/yHi8gi.

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