Wholesaler to create jobs after finance deal
A Birmingham-based wholesaler has secured a £150,000 funding boost to support its cashflow and create three jobs.
9 Wholesale, which trades out of Kings Norton Business Park, has secured the finance from BCRS Business Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The loan will enable the company to purchase stock, continue developing a new website and hire three members of staff.
9 Wholesale sells a variety of products for the fast food industry, such as packaging, soft drinks and frozen foods. Trading for over ten years, the company sells its products in bulk to cash and carries which then sell direct to fast food outlets.
Larisa Scinteie, director of 9 Wholesale, said: “As small businesses like ours continue to face challenging trading conditions, we are delighted to have secured this funding boost from BCRS.
“Fast food orders have soared during the coronavirus pandemic, as consumers turn to takeaway establishments to source their favourite foods.
“Whilst suppliers are removing credit facilities, our customers are continuing to request them, which has put a strain on our cashflow.
“With funding in place, we can continue to deliver a wide range of products to a growing customer base in the fast food industry, all delivered with the excellent service our customers have come to know and respect us for.”
Stephen Deakin, chief executive of BCRS Business Loans, said: “We are proud to have supported the funding needs of 9 Wholesale, supporting a period of growth for the business.
“As a lender of intentional social and economic impact, we are enabling 9 Wholesale to create three new jobs, which will not only be excellent for the local economy but is also a great indication of confidence in the future.
“We are committed to supporting West Midlands-based businesses that have been affected by the coronavirus pandemic. We believe that no viable business should go unsupported and understand how important SMEs are to the growth and prosperity of our local communities.”