BCRS Business Loans has surpassed its previous year’s lending at just over seven months into the financial year after delivering £10 million to small and medium sized businesses.
The lending milestone means that 109 businesses have received funding since the beginning of April which was predominantly used to support working capital needs during extended periods of disruption caused by the coronavirus pandemic.
More importantly, it says, this means that 1,477 jobs have been safeguarded and 229 jobs have been created in the West Midlands as a result of this funding.
The chief executive of BCRS Business Loans, Stephen Deakin, said that the £10 million milestone represented a 70 per cent increase in lending for the not-for-profit provider compared to the same point last year.
He added: “We are delighted to share this milestone. For us it is not simply the amount of funding delivered, but the number of businesses we have been able to support in their time of need.
“We are committed to supporting SMEs that are unable to access finance from traditional lenders and by doing so have helped to generate an additional £53.6 million in the West Midlands economy.
“The pandemic has reinforced our belief that small businesses are not only the backbone of our economy but are also a force for social good. They have not only gone above and beyond to support those in their local communities but have also mobilised their experience and knowledge to join the fight against the coronavirus.
BCRS was one of the first lenders in the country to go live with the Coronavirus Business Interruption Loan Scheme (CBILS) in April as a delivery partner for the British Business Bank and in conjunction with the Midlands Engine Investment Fund and the Community Investment Enterprise Facility.
“We believe that no viable business should go unsupported and offer loans ranging from £10,000 to £150,000 to businesses across the West Midlands,” he added.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).