Two Yorkshire-based lenders have loaned more than £1m across the region using their combined status as fund managers for NPIF – BEF & FFE Microfinance.
The Business Enterprise Fund (BEF) and Finance for Enterprise (FFE) secured the tender for providing Microfinance in March 2017 and have since received a total of 121 online applications, demonstrating entrepreneurial spirit across Yorkshire and the Tees Valley.
NPIF – BEF & FFE Microfinance has provided 32 loans in three months. Chief executive of BEF, Stephen Waud said: “Reaching £1.2m loaned is a very positive start to managing the Microfinance product fund of the Northern Powerhouse Investment Fund in partnership with the Finance for Enterprise team. It’s fantastic to see businesses confident about the future and applying for loans for over £25k there’s a real sense of growth across numerous industries whether in terms of facilities, land or staff and having access to the £10m NPIF – BEF & FFE Microfinance is an invaluable regional resource.”
Leanne Pilkington, finance and marketing officer at Finance for Enterprise, said both organisations are delighted to have secured more than £1m in loans for local businesses through the Northern Powerhouse Investment Fund. She added: “Surpassing the £1.2m lending mark is great news and strengthens business in the region.
“We’ve secured one job and due to create another within Doncaster’s Laser Additive Solutions Ltd thanks to a £25k Northern Powerhouse Investment Fund loan, as well as allowing the owner, Peter Brown, to buy new equipment and have capital to complete contracts. The firm specialises in additive manufacturing which uses 3D design data; it’s important to us that we can encourage these innovative industries with the support from the NPIF resources.”
Sean Hutchinson, Senior Manager at British Business Bank, added: “The Yorkshire, Humber and the Tees Valley regions have been incredibly receptive to the Northern Powerhouse Investment Fund. It is very positive that Fund Managers have already seen a large number of businesses making enquiries for funding, demonstrating the strong appetite for growth.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.