Posted on 8th October 2020Category: News
Business Enterprise Fund (BEF), the Yorkshire-based responsible finance provider has received an increased allocation of CBILS guarantee to help SMEs deal with the impact of the Covid-19 crisis. BEF welcomes applications from £50,001 to £150,000 from businesses that have been affected by Covid-19.
Simon Jackson, Head of Lending at BEF said: “We have delivered a record-breaking £11m in support to businesses across the North and beyond during lockdown. This additional allocation enables us to support more businesses who are struggling to secure the finance they need.”
BEF has also introduced ‘Revive & Thrive’ loans, a flexible finance product to support SMEs with their ongoing cash flow needs. BEF’s ‘Revive & Thrive’ loans are ideally suited to businesses that have existing Bounce Back loans or are unable to access them. Available now, BEF’s Revive & Thrive loans offer access to flexible finance up to £50,000.
Simon continues: “Feedback from existing and potential clients showed us that businesses continue to require additional fast and flexible support. Our ‘Revive & Thrive’ loans were introduced to help ease the cashflow burden that many businesses face. We are confident that it will help many survive the Covid-19 crisis.”
The deadline for receiving a CBILs guarantee is the 30th of November this year with final draw down required by the 31st of December.
About Business Enterprise Fund (BEF)
BEF was launched 15 years ago in Bradford, growing steadily to cover the wider Northern region.
BEF is a Delivery Partner for the Government’s Start Up Loans Programme which supports emerging and young businesses with finance and support. BEF, alongside FFE, deliver the Northern Powerhouse Investment Fund’s Microfinance Loans across Yorkshire, Humber and the Tees Valley, a fund delivered by the British Business Bank.
As a social enterprise and a Responsible Finance Provider, BEF’s profits are reinvested into the loan fund and granted to organisations that encourage and build enterprise.