Business Enterprise Fund’s response after a painful few years and the final coke ovens of Teesside had finally been extinguished. Once cooled, there is no resurrection for them, they’re rendered useless.
For the local population, this means over 10 thousand jobs in total no longer exist. The steel industry has been dominant and has become the area’s identity, now it’s wiped out.
Business Enterprise Fund’s (BEF) area of reach includes the North East following a recent expansion. We have engaged with the LEP’s and local authorities to provide help and support to the communities affected.
Having had discussions with the Tees Valley Unlimited LEP and North Lincolnshire LEP we’re coming up with a strategy to open opportunities for new businesses in the region and expect to see an increase in enquiries and loans delivered to post-steel businesses.
We know the importance of building partnerships with local leadership to assist those who have lost their livelihoods. We have secured £700 thousand in Regional Growth Fund grants and are in the process of winning £1 million from the European Investment Fund.
We hope that these funds can help with the regeneration of the region as the landscape shifts to the next phase.
BEF deliver loans for SME businesses in Yorkshire, the North East of England and Humberside that have been unable to access reasonable finance elsewhere. We are a Partner for the Start-Up Loans Company, a government initiative which helps grow young businesses.