August 5, 2019 @ 15:10 by Steven Hugill
A Gateshead-based gas and heating operator has created jobs and expanded its market presence following support from The Business Enterprise Fund (BEF).
CP12 Energy, founded by Shainy Moscovitch and husband Ezriel, was helped by a £50,000 BEF loan.
The cash enabled the business to create three jobs, increase marketing activity and fit free carbon dioxide detectors across the North East.
BEF’s support was revealed as part of the social enterprise’s annual social impact report, which showed it delivered a £31 million economic boost over the last 12 months.
It also increased lending to female entrepreneurs, such as Shainy, by nine per cent.
Shainy, who combines running her business with being a mother, said BEF’s support has been invaluable.
She said: “Most would think the odds are against me; I am a female entrepreneur with a baby.
“However, BEF looked past all that and saw the company I am passionately building.
“It is their belief in me and CP12 Energy that has given us wings to grow and expand.”
According to BEF’s report, the not-for-profit organisation loaned a total of £7.08 million in the last year, helped to create 175 new UK businesses and generated or safeguarded 820 jobs.
Furthermore, 36 per cent of its loans were to female-led businesses across the North East and West and North Yorkshire.
Steve Waud, chief executive at BEF, which has an office in Billingham, Teesside, and will celebrate its 15th anniversary later this year, said: “We remain dedicated in our role to supporting under-represented yet tenacious SMEs across the North, who don’t necessarily have the same level of investment available to their counterparts in the South.
“We are proud that 36 per cent of our loans in the year have been to female entrepreneurs, which is higher than the industry average and we’re continuing to promote the support available to help tackle the evident funding gap, which has also been highlighted in the Alison Rose Review.
“The economic impact our lending continues to generate is something we are hugely proud of at BEF.”