A Wolverhampton-based business lender has secured £7.5m in funding from a national programme to support small businesses in the West Midlands unable to access commercial finance.
BCRS Business Loans has secured the money from the Community Investment Enterprise Facility (CIEF), established by Big Society Capital and managed by Social Investment Scotland (SIS).
It is also in advanced negotiations with an ethical bank to raise a further £7.5m, which will be matched by Big Society Capital to create an overall fund of £15m.
This additional funding is set to help BCRS continue with its support for West Midlands-based small and medium sized businesses who are struggling to access finance from traditional lenders – delivered in the form of business loans ranging from £10,000 to £150,000.
Stephen Deakin, finance director of BCRS Business Loans, said: “This £15m facility is really great news, not only for BCRS, but for SMEs across the West Midlands and surrounding areas who are looking to realise their growth and business aspirations.
“Alongside the Midlands Engine Investment Fund, this fund will enable us to achieve ambitious growth plans, which will enable us to increase our lending by 25% per annum for the next five years.
“The aims of this fund are very much aligned with our vision at BCRS Business Loans, which is to ensure that no viable business in the West Midlands goes unsupported.
Read the full article here.