Black Country loan scheme should be rolled out UK-wide says MP

A BLACK Country small business loans company has been flagged up by an MP as an ideal funding model to be adopted across the UK.

Speaking in a House of Commons debate, South Staffordshire Conservative MP Gavin Williamson said the Black Country Reinvestment Society provided an ideal way for SMEs to be funded outside of Government support.

“Opposition Members sometimes seem not to accept the fact that businesses do not always want to be involved in the intricacies of Government,” said Mr Williamson during a Business Innovation and Skills debate.

“Businesses want the freedom to get on, but they need help with financing. There is a real squeeze for many small and medium-sized businesses in getting the finance that they need.

“The Black Country Reinvestment Society helps many SMEs in my constituency and much of the Black Country, including new businesses. It uses small amounts of capital to give those businesses the opportunity to grow and expand. I encourage Ministers to look at the model to see how it can be expanded across the country.”

Mr Williamson said improved funding to SMEs would be a way of sustaining economic growth and would encourage more firms to seize on the opportunities for creating wealth.

Paul Kalinauckas, chief executive of BCRS, said: “It is vitally important that BCRS is now being recognised as a robust financial model for the UK and I’m delighted that our model is being commended in the House (of Commons).

“It is crucial that businesses have access to a line of credit to embrace new opportunities and to service orders. BCRS is a new style of business finance based on a co-operative model that makes sense, works and can be replicated across the UK as we upscale.”