Let’s Do Business Finance joins British Business Bank programme

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Let’s Do Business Finance has been named as one of the first accredited lenders for the British Business Bank’s newly launched Community ENABLE Funding programme, which aims to unlock up to £150m in lending to underserved small businesses across the UK.

The not-for-profit lender, based in the South East of England, will be able to lend up to £6m over the next two years to smaller firms who are unable to secure funding through traditional banking channels. It becomes one of only two lenders accredited to date under the scheme, alongside First Enterprise in the Midlands.

Let’s Do Business Finance is part of the UK’s network of Community Development Financial Institutions (CDFIs), which specialise in providing debt finance to small businesses that face barriers to accessing mainstream finance. The organisation lends to a wide range of early-stage and growth-oriented businesses, including those in disadvantaged areas and those led by underrepresented groups such as women and ethnic minorities.

The Community ENABLE Funding programme is specifically designed to expand the capacity of CDFIs and other social impact lenders. While the Bank provides guarantees to support lending, all credit decisions remain with the accredited delivery partners. Business loans under the programme will start at above £25,000.

Reinald de Monchy (pictured), co-chief banking officer for products at the British Business Bank, welcomed the new partnership. “We are delighted to announce Let’s Do Business Finance as one of the first accredited lenders for the Community ENABLE Funding programme, following its successful launch in November last year,” he said.

“The company has a strong record of supporting smaller businesses in the South East, particularly those that face challenges in accessing finance from mainstream lenders. They have shown a clear commitment and genuine passion for empowering these businesses and we are excited to see the meaningful impact they will deliver.”

Let’s Do Business Finance operates across the South East and has long supported SMEs that struggle to meet the criteria set by high street lenders. It reinvests any surpluses back into its loan funds to stimulate economic growth and job creation within local communities.

Sean Dennis, managing director of Let’s Do Business Finance, said the accreditation marked a “milestone” for the organisation. “This accreditation will enable us to extend our reach, providing vital funding to communities and individuals who often face barriers when seeking traditional finance options,” he said.

“The programme’s support will significantly enhance our ability to make a meaningful difference where it is needed most.”

The initiative is expected to provide a boost to the UK’s CDFI sector. With lending decisions decentralised to regional providers who possess a deep understanding of their communities, the British Business Bank hopes to improve access to finance for businesses that might otherwise be excluded from the market.

Theodora Hadjimichael, chief executive of Responsible Finance, said: “We’re delighted that Let’s Do Business Finance and First Enterprise have become the first accredited lenders for the Community ENABLE Funding programme. We are excited to see the impact they will generate for their small businesses and hope to see more community lenders across the whole UK join them in the coming months.”

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