Latest report shows lending specialist boost economy by £30m through SME funding

According to the latest impact report, lending specialist BCRS Business Loans has contributed nearly £30m to the economy through funding provided in the last financial year.

Operating throughout the West Midlands, surrounding areas and Wales, the firm supports SMEs that are unable to secure finance from traditional sources.

Over the year, it backed 72 businesses, safeguarding 675 jobs and creating 186 new roles.

During the annual general meeting at Wolverhampton Science Park on Friday, September 13th, members received an update from Stephen Deakin on the co-operative business loan lending performance in the 2023-24 financial year.

Of the total funding, 43% was directed to the UK’s top 35% most disadvantaged areas, with 18% allocated to female-led businesses and another 18% to those led by ethnic minorities.

As a Community Development Finance Institution, BCRS Business Loans operates as a not-for-profit lender, using a story-based approach to provide businesses with loans ranging from £10,000 to £250,000, aimed at supporting growth and recovery efforts.

Deakin said: “It was another challenging year economically but as a responsible lender we continued to lend when it was the right thing to do. Demand for lending has picked up significantly, which is promising for the current year.

“On the Trustpilot reviews platform, we continue to average five stars after more than 400 reviews, which shows how much compassion we give our borrowers, even when they are going through difficult times.”