Mentoring to help you succeed
Loan holders may be offered a business mentor to help them, especially in the early months of a new business.
Monitoring your success
The organisations that provide us with funds ask us to report on how many jobs and businesses have been created as a result of BEDF lending. They also ask us how many businesses survive and thrive. So we will come back to you from time to time to ask how you are doing.
We are flexible
There are times when all businesses struggle a bit or the cash flow is tight and we try to be flexible to help you. If you have a loan from BEDF we ask for interest-only payments for the first three months whilst you get started. But we can also agree to re-scheduling loans or short repayment holidays if we are confident that your business will succeed in the long run. If you are worried about meeting a repayment date the very best thing to do is give us a call beforehand. If you keep in touch and discuss any difficulties we try to be as helpful and flexible as possible when loan repayments are a problem.
We’re not ‘softies’
We do take it very seriously if repayments are missed and loans are not repaid as agreed – particularly if you have not contacted us. BEDF takes all necessary steps, including legal action through the Courts, to recover the money we have lent. Debt recovery is handled through a prominent firm of Bristol solicitors who advise us on all the actions we can take to enforce repayment. If we didn’t do this the fund would be depleted very quickly and we wouldn’t be able to lend to others.
Come back for more?
If you have paid off your business loan completely or you are well on the way to it, and you have a good repayment history with BEDF, we are always willing to consider lending again if the bank can’t help. We will need the usual information including the most recent annual accounts and your bank statements. But a good track record with us is the most important factor and will stand you in good stead.
Tell us your success stories to inspire others
One of BEDF’s first loans was to Bristol Blue Glass. The company is now a huge success and their products widely recognised.
If you want to tell us how the loan from BEDF has helped you change your life and enabled you to put your business ideas into practice we would love to hear from you adn we could include it on our website. Call Andrew or Sarah with your own success story!
And finally…
Making sure we are professional and fair
Privacy policy
BEDF is fully registered under data protection legislation.
We take issues of privacy and confidentiality very seriously. We do not divulge any information about your business plans, personal finance and any agreed loan or it’s repayment except to the BEDF Loan Panel and your appointed business Mentor. However if you default on your repayments then your details may be sent to our solicitors, the Court and any agents appointed by them.
Equalities
Bristol Enterprise Development Fund is an equal opportunity fund. It is our aim that all applicants for financial assistance to establish a business or expand an existing business shall be treated equally when application is made and when the application is considered by a Loan Panel. All successful loan applicants are offered similar repayment terms including rates of interest, duration of loan and, where appropriate, repayment holidays. There is no discrimination on grounds of sex, marital status, colour, race, age or disability. If, in the Loan Panel’s view, the applicant will not be able to undertake the proposed business safely and effectively due to any of these factors this will be openly discussed with the applicant.
Complaints
We are licensed to operate under the Consumer Credit Act by the Office of Fair Trading. BEDF has its own Complaints procedure but we must also comply with laws concerning how we handle complaints. The legislation says that if matters cannot be satisfactorily resolved between BEDF and the applicant or loan holder they have the right to refer it to the Financial Ombudsman Service . For information see: www.financial-ombudsman.org.uk
The Community Development Finance Association
The CDFA is the trade association for financial organisations like BEDF which lend to businesses, and the individuals that run them because they are financially disadvantaged. We are a ‘Charter Member’ of the CDFA which is the highest level of membership and requires us to subscribe to a national ‘Code of Practice’. As an organisation we will also measure our performance against agreed benchmarks set by our industry. The CDFA gives us access to the experience of other lending organisations and the chance to learn from others, including Europe and other places in the world where micro-finance is well understood.