One of the only developers in the country building houses to the premium ecological ‘Passivhaus’ standard has secured crucial bridging funds enabling its work to continue – protecting four jobs and helping to create four additional jobs.
Pure Haus, a Leeds-based ecological housebuilder, needed a funding lifeline to continue building one of the few UK developments in which all the homes will meet this strict standard. When a larger funding facility, vital to the work, was delayed because of the Cornavirus crisis the entire Pure Meadows project was put at risk.
But a £50,000 Coronavirus Business Interruption Loan has given Pure Haus the breathing-space it needed while other funding channels are finalised.
The firm made an application for a Coronavirus Business Interruption Loan (CBIL) to Responsible Finance member, the Business Enterprise Fund (BEF) on a Friday – and received its £50,000 bridging loan on the following Thursday.
“BEF were easy to deal with, the application was straight forward, and the funds were quickly in our account. This is a bit of a lifeline whilst the other funding channels are being finalised,” said David Bradley-Bowles, a director of Pure Haus.
Steve Waud, BEF’s CEO, added, “Being small allows us to be incredibly responsive and agile. We have responded to a vast number of referrals in the market for assistance during this difficult time. The CBILS facility from British Business Bank has been a fantastic opportunity to help as many small businesses as we can.
“We have a fantastic team who are vastly experienced and able to assist. So please contact us if you need help.”
BEF is a community development finance institution (CDFI) specifically designed to help organisations and communities with finance when they need it most.
What next?
- This case study has been featured in The Yorkshire Post, Environment Journal and other media. We can supply journalists and media with a wide variety of case studies about businesses and social enterprises – from all over the UK – which have been supported thanks to Responsible Finance providers (community development finance institutions). We are also able to comment about access to finance, for businesses, social enterprises and households.
- As of 20th April 2020, Responsible Finance can confirm that our members have lent £7 million to over 100 small businesses and microenterprises through the Coronavirus Business Interruption Loan Scheme.
- Our members lent £200 million to 40,000 businesses, social enterprises and individuals in 2019, creating and protecting 13,800 jobs. More here.