£15m provided by alternative lender in last 12 months
A new report published by Finance For Enterprise has revealed the funds it provided to small businesses have helped contribute more than £80m to the regional economy during the past 12 months.
Over the past 12 months, the alternative lending provider, which operates from offices in Doncaster and Grimsby, has supported 287 businesses providing funding of over £15m resulting in 1,276 jobs being created or safeguarded.
At the same time, the company has helped 69 new entrepreneurs to launch their own business.
In March 2020, Finance For Enterprise was appointed as a delivery partner for the Government-backed Coronavirus Business Interruption Loan Scheme.
Today, the company helps businesses access a range of tailored lending packages including the Recovery Loan Scheme and Start Up Loans.
Over the past 12 months, Finance For Enterprise saw the value of loans delivered increased by 43% on the previous year.
And in the past five years, capital provided by the lender to support SME businesses has helped to add over £235m to the regional economy.
Andrew Austwick, managing director, said: “As an ethical and responsible lender, committed to driving positive social change, we support viable businesses by providing the capital essential to allow these businesses to invest, to innovate and to recruit, and to consequently realise their potential.
“This year we have helped businesses to access a record amount of loan funding, with the resultant benefits to the regional economy.
“However, the figures don’t show the individual challenges faced by many businesses to safeguard their futures.
“The funds we have provided have enabled many businesses to adapt and evolve to overcome the challenges posed by Covid-19, thereby supporting local and regional supply chains, and perhaps most importantly of all, creating and safeguarding jobs.
“As we all look forward to a post-Covid world, the work we have delivered over the past 12 months has illustrated that the need for businesses to be able to access financial support at the times when they need it most has never been greater.”
