BCRS Business Loans has passed \u00a35m in lending through the Midlands Engine Investment Fund II, supporting SMEs across the West Midlands.<\/p>\n
Since the fund launched in February 2024 via the British Business Bank, the community lender has backed 82 businesses and helped create 237 jobs across the region.<\/p>\n
The Wolverhampton-based organisation has now provided a total of \u00a35.2m in funding through the programme, generating an estimated \u00a327.5m in economic impact locally.<\/p>\n
BCRS focuses on supporting firms that are often underrepresented in traditional lending markets. Of its lending through the fund, 21% has gone to ethnic-led businesses, while 15% has supported female-led companies.<\/p>\n
One of the businesses to benefit is Ace Embroidery, which used funding to relocate to a larger, more energy-efficient warehouse in Cradley Heath, Sandwell, designed to support long-term growth and operational efficiency.<\/p>\n
Mathew Smart, Ace Embroidery managing director said: \u201cMoving to the new site has enabled us to focus better on what we offer and restructure and reset the business. It will help us to modernise operations, take on new customers and expand into new markets. The new warehouse has a better location, size and layout. Having one level and a mezzanine floor makes it far easier to manage jobs and communicate with the team.<\/p>\n
\u201cThe site also has better staff facilities and is more energy efficient, which has helped us to cut down on running costs. Working with BCRS to get the funding was super easy, and Business Development Manager Lynn Wyke was very helpful throughout the process.\u201d<\/p>\n
Stephen Deakin, BCRS chief executive said: \u201cThe team at BCRS Business Loans are pleased to reach the \u00a35 million landmark as we build on our strong heritage of delivering British Business Bank funds to ensure no viable business goes unsupported.<\/p>\n
\u201cHelping small businesses to secure funding to start up, scale up and stay ahead is central to our work, so we are delighted to distribute loans on behalf of the Midlands Engine Investment Fund II to support our economic future, especially in regions and among social groups where the funds are needed most.\u201d<\/p>\n
The \u00a3400m Midlands Engine Investment Fund II covers the entire Midlands region, providing debt finance from \u00a325,000 to \u00a32m and equity investment up to \u00a35m for SMEs looking to start, scale or grow.<\/p>\n
Within the programme, BCRS Business Loans delivers smaller loans in the West Midlands ranging from \u00a325,000 to \u00a3100,000. Frontier Development Capital provides debt finance from \u00a3100,000 to \u00a32m, while Mercia Ventures offers equity investment up to \u00a35m.<\/p>\n
In the last financial year, BCRS Business Loans generated more than \u00a353m in economic growth across the West Midlands, surrounding areas and Wales through funding to underserved SMEs.<\/p>\n
BCRS is also a member of Responsible Finance, the trade association for responsible finance providers supporting businesses and individuals, including in disadvantaged communities.<\/p>\n","protected":false},"excerpt":{"rendered":"
Through the Midlands Engine Investment Fund II, the funding has supported a wide range of firms across the region<\/p>\n","protected":false},"author":266702,"featured_media":2112226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[127717],"class_list":["post-2112225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-black-country","tag-coventry-and-warwickshire","tag-featured-story","tag-greater-birmingham","tag-shropshire","tag-staffordshire","tag-worcestershire"],"yoast_head":"\n