BEF spreads its wings, and doubles profit

THE Business Enterprise Fund has had a successful year, with profits doubling to £182,000 for the year.

They have also seen 25% growth in their net value, leading them to be ranked 3rd, up from 10th for the Yorkshire and Humber region in Natwest’s social enterprise list, the SE100.

The fund has also grown across the region, expanding from West and North Yorkshire into North Lincolnshire and East Yorkshire, after the acquisition of Goole Development Trust.

They have added an office in Darlington expanding their presence in the North East and Teesside.

Chief executive of the BEF, Steve Waud said: “Whilst the numbers are impressive, what is more impressive is BEF’s social impact.

“This means that this year we have been responsible for helping over 313 businesses access the finance they never would have been able to access, that is up 25% on last year.

“The effect on the economy is bigger than you would imagine for the lending we have undertaken we added over £33m to the region’s economy in businesses and jobs protected and created.”