£2m milestone hit by small business loan provider
BCRS Business Loans has surpassed a milestone, agreeing to over £2m in loans for small businesses through the Midlands Engine Investment Fund II.
The Wolverhampton-based financial institution has supported 35 businesses across the West Midlands, creating 330 jobs and safeguarding 107 roles, with a total economic impact of £14.7m.
The £400m Midlands Engine Investment Fund II supports businesses across the Midlands with debt finance ranging from £25,000 to £2 million and equity investment up to £5 million to help small and medium-sized businesses grow, start up, or stay competitive.
In the West Midlands, BCRS Business Loans is providing loans between £25,000 and £100,000, while Frontier Development Capital offers debt financing from £100,000 to £2 million, and Mercia Ventures provides equity investments up to £5 million.
Stephen Deakin, chief executive at BCRS Business Loans said: “The team at BCRS Business Loans are pleased to reach the £2 million landmark as we build on our strong heritage of delivering British Business Bank funds in line with our goal of ensuring no viable business goes unsupported, especially as the economic outlook remains uncertain.
“Helping small businesses to secure funding to start up, scale up and stay ahead is central to our work, so to have already distributed £2 million in loans in less than a year shows the positive difference which Midlands Engine Investment Fund II can make in supporting our economy. Our fund managers are working with our network of introducers and advisers to help business owners from a wide range of sectors to secure funding.”
One recent recipient, Stoke-on-Trent-based video production agency Reels in Motion, received £70,000 to invest in new camera equipment, rebranding and building improvements.
Reels accounts director Matt Hubbard said: “We are looking forward to using the funding to rebrand the business, which will include investing in a new website, marketing and new signage. We have had the same branding for 20 years, so this will be a great opportunity to refresh our look.
“The investment will also go towards updating our production equipment, which is essential if we want to stay at the forefront of our industry and continue to grow. Finally, the funding will help us invest in the building we own and operate in. These improvements have the potential to bring in some additional revenue and in the longer term could create a new job opportunity for a studio manager.”
