Staffordshire SMEs urged to used loan scheme to fund growth

STAFFORDSHIRE County Council has urged SMEs struggling to secure funding to apply for help through its small business loan scheme.

Staffordshire’s Business Loans Fund has supported more than 75 businesses since it started in 2009 by offering loans of between £10,000 and £50,000.

The fund is run in partnership with not-for-profit lender BCRS and has so far helped to create 200 jobs and safeguard another 350.

Cllr Ben Adams, Staffordshire’s deputy leader and cabinet member for employment and skills, said: “Confidence among small businesses in Staffordshire continues to grow and our loans fund is helping to build on this. We want businesses to know this fund is there to help them to grow and enjoy success in 2013.

“We recently marked three years of the fund, which we launched in 2009 in recognition of the difficult times small businesses were facing in accessing finance. While this may have improved, there is no doubt that businesses are still facing these difficulties. “

The loans form part of the county council’s package of support for businesses in Staffordshire, which also includes enterprise centres for start-up companies, backing for apprenticeships and a business helpline.

The fund was recognised as the best economic regeneration project in 2012 at the Southern Staffordshire Regeneration Awards, run by the Southern Staffordshire Partnership.

BCRS chief executive Paul Kalinauckas said: “BCRS comes into contact with hundreds of businesses and they tell us that access to finance is still the number one issue.

“This partnership is all about providing Staffordshire’s business talent with the support it needs in a time of austerity.  Many well-run businesses have been finding it increasingly difficult to stay afloat through the recession.  BCRS is committed to helping new and existing businesses that may now have difficulty in obtaining finance from the banks.”