A Bradford-based fund which supports small firms that cannot access loans from mainstream lenders has smashed a ‘lend a million’ target set 12 months ago.

The not-for-profit Business Enterprise Fund exceeded its target of lending £1 million to entrepreneurs and businesses in West and North Yorkshire by 50 per cent.

Based on its success, BEF has set a target of providing £1.5 million of funding to small businesses over the next year.

Fund director Steve Waud said: “In the grand scheme of things, £1.5 million isn’t a lot of money compared to the lending that the banks do. But when considering the businesses that BEF has helped, one can see that it has gone a long way and done a lot of good.”

Its Lend a Million campaign was supported by accountants and solicitors who put firms in touch with BEF, as well as banks that referred firms seen as high risk which they could not help.

BEF, which provides mentoring as part of the agreement, helped 52 business start-ups with 24 existing businesses receiving support to stay open. The funding also helped secure 159 jobs and created 75 new jobs.

Mr Waud said the range of businesses helped included micro-breweries, a frozen prawn firm, a paper-shredding business, a play gym plus accountants, marketing and advertising agencies.

He said: “Following the success of our Lend a Million campaign, which we exceeded by 50 per cent, we’ve now set £1.5 million as the next target. The need for our services remains strong as the economic outlook is a tough one.”

BEF, which provide loans from £500 to £100,000, is to stage events to encourage renewed support for its latest Lend a Million funding pledge.

  • Read the full story in Tuesday's T&A