Co-operative loan fund BCRS Business Loans has reported a record year with a 38% growth in lending to small businesses in the West Midlands.
Run on a non-profit distributing basis and owned by its member investors, BCRS is committed to lending to viable businesses in the West Midlands that have been unable to secure funding through mainstream lenders.
The co-op loaned £7.2m in the last financial year, supporting the growth of 153 businesses that otherwise wouldn’t have been able to access finance from traditional sources.
Chief executive Paul Kalinauckas said: “Lending £7.2m is a massive achievement for us and one that we are incredibly proud of. We have smashed through our original target of increasing our lending by 25%. This is testament to the hard work and dedication of the whole team, who are committed to supporting small businesses with their funding needs.
“It’s the socio-economic impact of our lending that really motivates us on a daily basis and the knowledge that businesses are able to achieve their goals and grow. Our lending has helped create an additional 411 jobs and safeguard almost 500 jobs this year, which has provided a significant boost to the West Midlands economy.”
The lender, which claims to be the largest responsible finance provider in the West Midlands, recently secured an additional £15m for lending through the Community Investment Enterprise Facility – an initiative from Big Society Capital to help local businesses to improve life in their communities.
Mr Kalinauckas added: “We want small businesses to know that we believe in them. We understand that they are looking for a fast, personal, relationship-based approach to lending with the added benefit of no early repayment fees. We offer loans from £10,000 to £150,000 to business who are struggling to secure some or all of the finance they need from traditional lenders.
“The hard work doesn’t stop here. With an excellent team in place and continued demand from SMEs, we are planning to increase our lending by 25% this next financial year as well.”
To find out more about BCRS Business Loans and to apply online, visit www.bcrs.org.uk.
