A new report published by Finance For Enterprise has revealed the funds it provided to small businesses have helped to contribute more than £80m to the regional economy during the past twelve months.
Finance For Enterprise’s social impact report looks beyond the headline lending figures delivered by the business to assess how loan funding has helped businesses to overcome barriers to growth, including safeguarding and creating new jobs, supporting new entrepreneurs and enabling businesses to access the vital funds needed to prosper.
Over the past twelve months, the alternative lending provider, which operates from offices in Doncaster and Grimsby, has supported 287 businesses providing funding of over £15m resulting in 1276 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 and today, the company helps businesses to access a wide range of tailored lending packages including the Recovery Loan Scheme and Start Up Loans. Over the past twelve months, Finance For Enterprise saw the value of loans delivered increased by 43% on the previous year.
The social impact report also highlights the support for financially excluded communities, with over half of the businesses supported by Finance For Enterprise located within the top 35% of deprived local authority areas, based upon measures of deprivation including levels of unemployment, health, education, housing and crime. During the year, funds provided by Finance For Enterprise helped 27 BAME-led businesses and 95 female-led businesses to overcome barriers to growth.
In the past five years, capital provided by Finance For Enterprise to support SME businesses has helped to add over £235m to the regional economy.
Andrew Austwick, Managing Director of Finance For Enterprise, said:
“Since our inception 36 years ago, Finance For Enterprise has been committed to providing vital financial support to businesses which have been declined funding by mainstream funders. 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 twelve 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.”
Launched in 1985, Finance For Enterprise provides a wide range of tailored financial and business support to pre-start and growing SME businesses when traditional bank lending is not a viable option. Finance For Enterprise is an accredited lender under the Recovery Loan Scheme and also acts as a Start Up Loans delivery partner. Loans provided by Finance For Enterprise can range from just £500 to £250,000.