Lender hits £10m funding milestone
BCRS Business Loans has delivered £10m through the Small Business Loan Fund, part of the Midlands Engine Investment Fund (MEIF).
The lending milestone follows BCRS providing finance to over 175 businesses located in the West Midlands.
Red Box Web Design is one of the latest businesses to secure an MEIF investment from BCRS.
The Stafford-based web designer and SEO specialist will use the £50,000 loan facility to boost growth by investing in marketing and recruiting two additional people.
Chief executive of BCRS Business Loans, Stephen Deakin, said: “We are delighted to announce that we have now lent £10 million from the MEIF Small Business Loan Fund in the West Midlands.
“Our investment levels have been strong in each of the six Local Enterprise Partnership areas, demonstrating our commitment to helping small businesses access finance in all corners of the West Midlands – whether rural or urban.
“Small businesses are the backbone of our economy and a force for social good. Improving access to finance not only supports business growth, but also strengthens the local community. To date, the West Midlands MEIF Small business Loan Fund has created 294 jobs and safeguarded over 917. Ultimately, we believe that no viable business should go unsupported.”
Grant Peggie, director at the British Business Bank, said: “The MEIF Small Business Loan Fund is targeted at start-ups, and more established small businesses looking to grow. These are key moments for a business, and often when many find it difficult to obtain the finance they need.
“By hitting this milestone, BCRS is demonstrating the Fund’s commitment to improving access to finance across the six Midland’s LEP areas by helping over 175 small businesses to manage the disruption caused by the Covid-19 pandemic and to support their future growth.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.