Loan fund help tops £12m
BCRS Business Loans has now delivered more than £12 million to businesses in the West Midlands through the Midlands Engine Investment Fund’s Small Business Loan Fund.
The regional alternative lender, which is a delivery partner for MEIF, has now supported the growth and recovery of 200 local businesses.
The MEIF was launched in 2017 to transform the finance landscape for smaller businesses and to help the region achieve its potential to achieve economic growth through enterprise.
It is estimated that this lending milestone has generated an additional £76m of value in the West Midlands economy.
Stephen Deakin, chief executive of Wolverhampton-based BCRS Business Loans, said: “We are delighted to have achieved this £12m milestone through the MEIF WM Small Business Loan Fund.
“Not only has this had an incredible direct impact on over 200 small businesses in the West Midlands but, as a lender dedicated to social and economic impact, we are proud that it has also helped to protect 1,803 existing jobs and create 632 new jobs.
“Often, SMEs still have trouble accessing finance to grow and prosper. We are committed to supporting businesses that don’t tick all of the boxes at other lenders.
“As a non-profit organisation, we can take a different, human approach to lending, where we base our decision on the business itself rather than a computerised credit score.”
Mark Wilcockson, senior investment manager, at the British Business Bank, said: “BCRS has been key to delivering small business loans in the West Midlands region. With this latest milestone, the MEIF has now helped support 200 businesses through this fund manager. We look forward to continuing to work with BCRS as we provide smaller businesses with the access to funds they need to support and grow their businesses.”
The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Businesses in the West Midlands region that are struggling to access finance from traditional lenders can secure loans from £25,000 to £150,000 from BCRS Business Loans to support growth and recovery plans. BCRS is also a delivery partner for the Recovery Loan Scheme.
Visit www.bcrs.org.uk to discover more or submit an initial application form.
