NPIF

BEF and FFE surpass £2m of lending across Yorkshire, Humber and Tees Valley



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The Business Enterprise Fund (BEF) and Finance for Enterprise (FFE) have surpassed £2m of lending to SMEs via the NPIF (Northern Powerhouse Investment Fund) – BEF & FFE Microfinance scheme.

The programme – which funds SMEs across Yorkshire, Humber and the Tees Valley – had achieved £1m of small business lending just four months ago.

So far, the Bradford-headquartered BEF and Doncaster’s FFE have provided 50 investments to SMEs in the NPIF region.

Both platforms were named as fund mangers in February for the microfinance division of the NPIF in the Yorkshire, Humber and Tees Valley areas.

Stephen Waud, chief executive of the BEF group, said: “Investing over £2m through NPIF – BEF & FFE Microfinance demonstrates the vibrant SME market in Yorkshire, Humber and the Tees Valley, but that’s not all because we have committed to match the investments through our own funds, so that equates to over £4m invested in that period.”

In the Autumn Budget last month, the government pledged a further £1.7bn to the Northern Powerhouse.

Philip Hammond also announced an additional £2.5bn for the British Business Bank to develop UK patient capital and extend the Enterprise Finance Guarantee programme.

Stephen added: “The Budget has raised some interesting points in the industry with the VAT threshold coming under consultation; we look forward to continuing to support small businesses through our relationships with Finance for Enterprise and the British Business Bank; this collaboration is key in order to continue fortifying our economy.”

 

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