New business loan fund launched in Walsall

A LOAN fund has been set up in Walsall to help support the development of start-up businesses in the borough.

The fund, which will target firms unable to obtain finance from banks, has been officially launched by Walsall council in conjunction with the Black Country Reinvestment Society (BCRS).

In total, £300,000 is available to companies which are having problems getting the funding they need from traditional sources.

The fund will be managed by BCRS and loans of between £10,000 and £50,000 will be made available, but only to viable Walsall businesses already turned away by main stream lenders.

Paul Kalinauckas, chief executive of BCRS, said: “This fund will certainly help Walsall develop, grow and prosper. Micro businesses 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.

“This is a great opportunity for small businesses to gain access to capital when they need it.”

The society will try and process the loan applications as quickly as possible in order to give the companies the help they need.

Cllr Adrian Andrews, Walsall Council deputy leader and cabinet member for regeneration, said it was important the authority did all it could to support economic development.

“We are delighted to be able to support such a scheme. We are focused to bring opportunities to Walsall and I believe the private sector will lead to the renewal of wealth in local areas and then ultimately the economy,” he said.  

“This loan fund is all about providing Walsall’s business talent with the support it needs.”

BCRS is a co-operative run on a non-profit distributing basis. Established in 2002, it supports businesses in the Black Country and Staffordshire.