New loan fund launched to help Wolverhampton SMEs

A NEW business loan fund designed to help the performance of high growth SMEs in the Black Country has been launched by Wolverhampton City Council and city-based Black Country Reinvestment Society (BCRS) Business Loans.

A total of £300,000 is available in the form of loans to local companies which are having problems getting the funding they need from traditional sources.
 
Managed by BCRS, loans of between £10,000 and £50,000 will be made available to viable Wolverhampton-based businesses already turned away by the mainstream lenders.
 
BCRS Chief Executive Paul Kalinauckas said: “This fund will certainly help Wolverhampton develop, grow and prosper.  SMEs in the Black Country are under the radar when it comes to access to finance so with this fund we want to address that problem.
 
“It is an exciting time and we are looking forward to providing local people with job opportunities and bringing wealth back into the community where it will inevitably stay and recycle within the Wolverhampton area.”  
 
Cllr Peter Bilson, Cabinet Member for Economic Regeneration and Prosperity, added: “We are delighted to be able to support this scheme which is very much in line with our focus on bringing new opportunities to Wolverhampton.  

“We believe it will give a timely boost to the private sector which will ultimately lead to the renewal of wealth in the city and a positive impact on the wider economy.  We hope our local SMEs will take full advantage.”