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Business Enterprise Fund boost regional economy to tune of £29m Magazine

Business Enterprise Fund has calculated that almost every 1 dedicated to regional firms, over 4 has become added value to the economy, amounting to the 29m benefit at the moment.

The figures, from BEF’s Social Impact Report & Annual Statement, were released following their successful tender earlier during towards the Northern Powerhouse Investment Fund’s Microfinance contract.

BEF’s report also reveals a constant trend in start-up businesses, with 175 online companies made in recent times in Yorkshire and also the North East, following investment through the Government’s Start-up Loans Programme, this they may be a Delivery Partner. Over a few years BEF has supported enhancing 824 new businesses, helped save or create over 2,000 jobs, and invested over 30 million causing 86 million economic benefit.

Stephen Waud, Commercial enterprise Fund Us president said he was thrilled to find out the quality of impact BEF’s lending has made.”As a social enterprise, we perform things differently. The 2011 figures – and figures through the previous a few years – show how we responsibly give small businesses can be sustainable and now have a significant have an effect on the economy.

“The alternative finance sector has transformed since we began in 2004. We’ve positioned ourselves to grow and avoid the pitfalls for which remains a forward thinking and very competitive landscape.”

Of the 452 client deals this holiday season, 23% of economic Enterprise Fund lending ended up manufacturing businesses. Mark Goldstone, Head of Policy with the West and North Yorkshire Chamber of Commerce, said the figures look very positive.

“In the very last twelve months, all of our reports have reported good growth in the manufacturing sector with exports gaining from more competitive exchange rates. Our research has revealed the sector continues to pay and thus I’m really delighted to see nearly a quarter of BEF’s lending has supported this important sector.”

Looking ahead, the report points towards further company growth, following development of the internets application process.?”We’re continuing to streamline our processes and now we can serve more businesses in an efficient way, meeting our client’s needs, so that they can access the finance they ought to boost their business.” said Stephen.

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