The funding has been secured by the BEF, with support from Lloyds, Better Society Capital, Unity Trust Bank, and Ceniarth.
BEF is a responsible finance provider with offices in Bradford, as well as Goole, Teesside, and Preston.
Stephen Waud, chief executive of BEF, said: “There’s a huge demand for access to responsible finance at the moment.
“Industries such as hospitality, especially, are finding the current economic conditions challenging as the costs for ingredients, rates, and fuel increase while customer spending decreases.”
The new funding will help BEF offer working capital and growth support, and also help firms refinance short-term borrowing.
Mr Waud added: “The additional fund of £9million we now have available means BEF is in an even better position to support businesses across the north and help them thrive.
“By this time next year, we hope to have delivered £18.5m as well as expanding the BEF Group.”
BEF provides loans for small businesses, startups, and refinancing, and is designed to support businesses across the North of England.
More information about the Business Enterprise Fund can be found at www.befund.org.
