BEF moves into new office as it looks to double lending to firms
SOCIAL enterprise the Business Enterprise Fund (BEF) has moved into its second base in Leeds as it looks to double the amount it lends to firms.
The new office at Vicarage Chambers, Park Square East will be the base of two new investment managers, John Hall and Hilary Watson, who have recently joined the team.
BEF, which has its head office in Bradford, lends money to businesses that cannot find funding elsewhere and has seen 75% growth in the last 12 months and it is planning 100% growth for the next 12 months taking the loans issued to £4m.
A recent piece of research from GHK has shown that over 100,000 businesses are unable to source finance from the banks and BEF see Leeds as an increasing market for its services.
The BEF will be administering a new Government funded scheme offering loans to 18-to-30-year-olds across the region to help their fledgling companies.
Fund director Stephen Waud said the move into a second home in the financial hub of Yorkshire and the arrival of John and Hilary emphasises the progress BEF, which is supported financially by the European Union and has attracted £10m investment from the European Regional Development Fund (ERDF), is making.
“We’re delighted to welcome John and Hilary to our team and I’m sure they will be great assets to us,” he said.
“We’re equally pleased they will be able to work in our great new offices in Leeds. It is a really positive move for us and is an ideal step for us to reach out to more businesses across the county and provide them with the crucial help and assistance they need to grow.
“We facilitated more than 100 loans in 2012 and we want to double that this year and lend £4m to boost businesses with the support they need.
“Without BEF some of these businesses would stand still at best or could face folding completely, which would hurt the already fragile economy in the region.
“Our expansion, recruitment of new staff and determination to help more companies can make sure it does not happen and build confidence for everyone doing business across Yorkshire.”
