BCRS and Stoke council link up to launch loan fund
A LOAN fund created exclusively to help Stoke on Trent businesses unable to obtain finance from banks has been officially launched.
Initially, £200,000 is available for lending to companies who are having problems getting the funding they need from traditional sources. The loans are from Stoke on Trent City Council in conjunction with the Black Country Reinvestment Society (BCRS).
The fund will be managed by BCRS and loans of between £10,000 and £50,000 will be made available to viable Stoke businesses already turned away by main stream lenders.
Paul Kalinauckas, chief executive of BCRS, said: “This fund will certainly help Stoke on Trent develop, grow and prosper. Small businesses are under the radar when it comes to access to finance, which is holding back their growth prospects.
“It is an exciting time to find new and innovative ways of non-bank lending and we are looking forward to providing local people with job opportunities and creating wealth in the Stoke on Trent area.
Councillor Mark Meredith, cabinet member for economic development, said: “This loan fund is all about providing Stoke on Trent business talent with the support it needs.”
BCRS was founded as the Black Country Reinvestment Society in 2002 to provide finance to local businesses turned down by banks. The not for profit lender has just celebrated its tenth anniversary having made more than £10m of loans.
