Naz Shah, MP for Bradford West, has praised the work of a Bradford-based community finance provider that has invested millions in businesses across the UK.
The MP visited the Business Enterprise Fund (BEF), a not-for-profit community development finance institution (CDFI), to meet entrepreneurs who have benefited from its support.
Over the past year, BEF has invested £21.5 million in 599 UK businesses, supporting 4,470 jobs, according to a spokesperson.
Ms Shah was joined on her visit by Felix Kumi-Ampofo, director of inclusive economy, skills and culture for the West Yorkshire Combined Authority (WYCA), and Kate McNicholas, assistant director of economy, housing and investment at Calderdale Council.
They met with Peter Davis, operations director at Oikos Family Centres Ltd, and Helen and Thomas Rhodes, founders and directors of Ocelot Fire Consultancy Ltd, two Bradford-based businesses that have received support from BEF.
The group discussed the challenges of running a small business and the role CDFIs can play in helping entrepreneurs succeed.
Ms Shah said: “It’s been great to learn more about CDFIs and their crucial role in supporting local business leaders.
“I’m pleased to hear about the BEF and the outstanding work it’s doing here in Bradford and across Yorkshire, providing vital finance and support to entrepreneurs who might otherwise struggle to access it.
“Their commitment to nurturing local talent, driving growth, and sparking innovation is truly impressive.”
Oikos Residential Family Centres, which provides a supportive assessment environment for families who want to explore solutions regarding their ability to parent effectively and safely, secured £100,000 in funding from BEF to meet their working capital needs.
Meanwhile, brother and sister duo Helen and Thomas Rhodes secured a £35,000 start-up loan from BEF to found workplace safety and compliance business, Ocelot Fire Consultancy Limited.
Steve Waud, chief executive at the BEF, said: “The lending we provide is about more than just finance – it’s about transforming undeserved communities, investing in the future of our local economy, and helping businesses to grow, create jobs, and drive innovation.”
Chris Sood-Nicholls, managing director, regional development at Lloyds, said: “It was great to speak with Naz, Felix, and Kate about what’s really needed to strengthen the role of CDFIs in the region and ensure more businesses can access the right finance to grow and thrive.”
In 2024, the BEF was one of three CDFIs to share a £62m investment from the Community Investment Enterprise Fund, backed by Lloyds.
