BCRS named as accredited partner for extended Recovery Loan Scheme
Alternative business lender BCRS Business Loans has been named as an accredited provider of the new iteration of the Recovery Loan Scheme (RLS) to support small businesses in the West Midlands.
BCRS will deliver loans between £25,001 and £150,000 via the government-backed scheme to help businesses faced with increasing financial pressures.
Administered on behalf of the government by the British Business Bank and delivered through accredited delivery partners such as BCRS, RLS funding can be used for “any legitimate business purpose”, including to manage cashflow and facilitate investment and growth.
Since the loan scheme was launched, BCRS Business Loans has delivered over £6m to businesses facing increased pressures on company finances. In total, 87 businesses have been supported by BCRS through RLS backing, safeguarding 711 jobs and creating 383 more.
Originally set up in April 2021 to help businesses recover from the Covid-19 pandemic, last month Business Secretary Kwasi Kwarteng announced the RLS would be extended for a further two years to help businesses grappling with cost pressures.
The businesses to benefit from the scheme through engaging with BCRS include Dudley-based firm Media Group, who used the loan to invest in smart marketing technology and employ an additional team member.
Others to get support included start-up recruitment agency Hariley Solutions, whose HQ is in Wellington, Shropshire, who needed investment to support business growth and create two new jobs.
Stephen Deakin, chief executive of BCRS Business Loans, said:
“The new iteration of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to small businesses across our region, while stimulating local communities, creating jobs and driving economic growth in the UK.
“Everyone at BCRS continues to be impressed by the resilience of our region’s small business community despite the recent challenges. BCRS has a highly experienced and knowledgeable team and we are committed to doing all we possibly can to support companies, so please contact us or submit an online loan application form to kickstart your growth and recovery plans.”