BCRS Business Loans has reached a marvellous milestone after backing 250 businesses across the West Midlands.
The cash has been distributed to the firms across the region through the Midlands Engine Investment Fund’s Small Business Loans Fund.
BCRS, which specialises in funding for businesses that struggle to access finance from traditional lenders, has lent over £16million to 267 companies through the MEIF, a collaboration between the British Business Bank and 10 local enterprise partnerships in the West, East and South Midlands.
The lending has led to 2,681 jobs being safeguarded, with a further 1,035 roles created.
Combining funding from local enterprise partnerships (LEPs), the European Regional Development Fund and the European Investment Bank, MEIF provides more than £300m of investment to boost small business growth in the Midlands.
BCRS, a Community Development Financial Institution (CDFI), offers loans between £10,000 and £150,000 to businesses making a positive contribution to the social, environmental or economic wellbeing of the region to support their growth and recovery plans.
BCRS Business Loans chief executive Stephen Deakin said they were proud with their achievement in helping 250 West Midlands companies to gain support for growth and job creation over the last five years.
“Amid challenging economic times, small businesses remain the backbone of our economy and a force for social good. Working with partners like MEIF we will continue to ensure no viable business goes unsupported.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014 to 2022 and the European Investment Bank.
Firms can visit bcrs.org.uk to find out more about BCRS Business Loans.
