words: Holly Dibden
For this month’s local business pitch, unLTD had a quick chat with Emma Bashforth, Investment Manager from Business Enterprise Fund (BEF) and talked about their mission in supporting SMEs growth, success and impact in local communities.
Firstly, tell us about BEF.
Business Enterprise Fund (BEF) provides flexible finance and support to small and medium-sized enterprises (SMEs) across South Yorkshire and the North. As a non-profit social enterprise and Community Development Finance Institute (CDFI) we invest for impact not for profit. Our loans which range from £500 to £250,000 can be accessed by start-ups and growing businesses and used for any purpose.
We are a regional Business Support Partner for the Start Up Loans programme in Yorkshire, the Humber and the North East, and Northern Powerhouse Investment II Smaller Loans in Yorkshire and the Humber. The NPIF II Smaller Loans Fund will enable us to deliver increased investment across South Yorkshire. As a South Yorkshire native, I support businesses across Barnsley, Doncaster, Rotherham, and Sheffield with funding from £25,000 to £250,000.
How has BEF shifted since its inception?
BEF started out 20 years ago. We began by lending money to small Bradford-based businesses, especially those in underserved communities. Today, we have expanded to support underserved businesses across the North of England with the finance they need to thrive and grow. It’s a simple mission that helps transform local businesses and the communities they serve.
In the last year alone, we invested £21.5m, added £86m to the economy, and helped create or safeguard 4,470 jobs. 60% of our lending supports businesses and communities in the UK’s most deprived regions.
Why is BEF a better choice than traditional lending methods?
Sadly, too many small business owners and entrepreneurs across South Yorkshire struggle to access finance from traditional lenders. Their computers often say no due to the constraints placed on their available funds.
This adversely affects start-ups and established businesses across the region, especially those owned by women, ethnic minorities, young people, or older entrepreneurs. That’s why we take a different view. We are here to open access to flexible finance that will empower the region’s small businesses to create local jobs and wealth. What’s more, our lending decisions are made by experienced investment managers like me who understand and empathise with the needs and challenges of small business owners.
Are there any client success stories that stand out?
Following the launch of NPIF II in March, we are working to support more businesses across South Yorkshire. We recently funded one of the region’s growing marketing studios that provides full service creative solutions to clients across the private, public, and third sectors.
The five-figure investment of NPIF II funds provided working capital to upgrade the existing premises and equipment. Most importantly for the business and us, the investment helped create four new jobs. Watch this space for more client success stories.
What does the future look like for BEF?
South Yorkshire is full of talented and potential business owners which we see as exciting for the regional economy. It is, and will be, home to business that we will support with flexible finance to enable real change within their local communities. This includes lending greater quantities to the region’s businesses led by women and ethnic minorities.
Our lending to these groups already outstrips traditional lenders. We plan to maintain this position. We also plan to support university and graduate start-ups with innovative finance solutions.
To achieve this, we will continue to work with local, regional and national partners who share our mission and purpose. Renewed support for CDFIs from government, local stakeholders, and mainstream funders will enable us to satisfy the unmet demand for finance from businesses across South Yorkshire.
How can people get in touch / enquire?
You can get in touch with me via emma.bashforth@befund.org or visit our website www.befund.org. You can also connect with me on LinkedIn!
