£75m delivered in loans by alternative business lender

BCRS Business Loans has announced it has surpassed delivering £75m in loans across the region.

The Wolverhampton lender delivers loans to businesses that don’t tick all of the requirements of traditional lenders.

The milestone follows a record-breaking year in which £13.3m was delivered during the pandemic in the now-closed Coronavirus Business Interruption Loan Scheme (CBILS).

BCRS, a delivery partner for the Midlands Engine Investment Fund (MEIF) and as such is responsible for distributing the £17 million small business loan fund in the West Midlands. The company offers loans from £10,000 to £150,000.

Stephen Deakin, chief executive at BCRS Business Loans, said: “As a non-profit organisation, we take a human approach to lending, offering a relationship-based model where we base our decision on the business itself rather than computerised credit scores.

“By lending £75 million, over 4,700 new jobs have been created and 9,000 jobs have been protected in the West Midlands.

“We are committed to supporting businesses as they grow and recover following the pandemic and are proud to be a delivery partner for the government’s Recovery Loan Scheme (RLS).”