Let’s Do Business Finance receives accreditation for ENABLE Funding from BBB

Let’s Do Business Finance is the first lender in the UK to be accredited for the new Community ENABLE Funding programme from the British Business Bank (BBB), with an initial investment of £6m.

The new funding stream will provide the firm with the opportunity to increase its capacity for existing business lending services, allowing to help even more businesses and entrepreneurs access the support they need to grow.

The Community ENABLE Funding programme from the British Business Bank, first announced in November 2024, is designed to provide the Community Development Finance Institutions (CDFI’s) like Let’s Do Business Finance with additional capacity to boost their lending activity, and therefore increase the number of businesses that can access financial support.

“As a small organisation ourselves, our team are really proud to not only have achieved accreditation for the new Community ENABLE Funding, but to have been the first accredited lender in the UK. This is a significant milestone for us as an organisation and demonstrates our ongoing commitment to supporting the growth of SMEs, especially those who have faced challenges in accessing finance. We have ambitious plans to significantly grow over the next few years and this new funding will allow us to expand our operations, to help more businesses that are typically underserved, and contribute to the economic revitalisation of local communities,” said Sean Dennis, Managing Director at Let’s Do Business Finance.

The Community Development Finance Institutions have grown substantially in recent years to combat emerging trends of financial exclusion across the UK. Highlighted by organisations such as Responsible Finance and their call for fair finance for all, many businesses across the UK face barriers to accessing finance, and therefore barriers to growing and thriving. Community Development Finance Institutions, like Let’s Do Business Finance, specialise in supporting businesses to combat these barriers – with a focus on assisting businesses that may have been declined by mainstream routes like high street banks due to computer-based algorithms, or those who are disadvantaged when it comes to building and growing a business, such as underrepresented groups including ethnic minorities and female led businesses, or being located in disadvantaged areas in the UK.

By unlocking and improving access to finance for these businesses, more communities and local economies can benefit from investment and growth, levelling the playing field for entrepreneurs and businesses across the UK, regardless of background or location.

“This Government’s number one mission is growth. That means providing the UK’s 5.5 million SMEs with the right tools to start up, scale up and succeed, to create jobs and boost the economy as part of our Plan for Change. As part of this, we are determined to support the growth of community banks that want to lend to small businesses. In countries like the US, they play a key role in SME lending and have the potential to do significantly more here in the UK. That is why the Community ENABLE Funding programme is such an important initiative, supporting the UK’s CDFI sector,” said Gareth Thomas, Minister for Small Businesses.

“Access to finance is critical for SMEs to grow, create jobs, and stimulate local economies. With this funding, we will be able to support even more businesses, in the areas and communities that we serve and need it the most. This is an exciting step forward for us as an organisation, as it allows us to continue expanding our efforts to support diverse, innovative, and ambitious businesses across our coverage areas, and not be limited by capacity,” said Sean Dennis, Managing Director of Let’s Do Business Finance.

The Community ENABLE Funding programme enables Let’s Do Business Finance to support more businesses than ever across our coverage areas in the South East, London and East of England by unlocking and additional £6m in capital to lend to eligible businesses. In addition to the new funding, we are already an Official Business Support Partner of the Start Up Loan scheme and Growth Guarantee Scheme from the British Business Bank – and our team is looking forward to the positive impact the Community ENABLE Funding Programme will have on increasing our capacity for these programmes and making a real difference to the businesses we support.

Source: Let’s Do Business Finance