ANOTHER lending landmark has been passed in the region after BCRS Business Loans delivered £15million to businesses across the West Midlands.
The cash has come through the Midlands Midlands Engine Investment Fund’s Small Business Loans Fund.
The regional alternative lender, a delivery partner for the Midlands Engine Investment Fund (MEIF), has to date provided finance to more than 1,400 businesses via the fund, which is forecast to create 5,505 jobs and has safeguarded 1.451 more.
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships in the West, East and South Midlands.
Combining funding from LEPs, the European Regional Development Fund and the European Investment Bank, it provides more than £300m of investment to boost small business growth in the Midlands.
BCRS Business Loans’ chief executive Stephen Deakin said: ““Our investment levels have been strong across all corners of the region, helping SMEs with funding for a wide range of purposes, including growth capital, expansion projects, the leasing of commercial premises and asset acquisitions.
“Small businesses are the backbone of our economy and a force for social good.
“Improving access to finance not only supports business growth but also strengthens the local community.
“We believe no viable business should go unsupported.”
Mark Wilcockson, the British Business Bank’s senior investment manager, said the MEIF Small Business Loan Fund was set up specifically for start-ups, and more established small businesses looking to grow.
“Preparing for growth is a key moment for a business, with many finding it difficult to obtain the finance they need.
“By hitting the £15m milestone, BCRS enables the fund to meet its commitment to improving access to finance across the Midlands LEP areas by helping small businesses to shape future growth.”
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.
The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5million to support growing SMEs across the region.
