BCRS a leading West Midlands non-bank lender has announced a notification of its accreditation for another £1 million worth of business lending which is to be provided under the Enterprise Finance Guarantee (EFG) Scheme.
The EFG scheme provides vital access to funding to those SME’s who lack the collateral or credit history required to secure a normal bank loan. BCRS are the only Community Development Finance Institution (CDFI) in the West Midlands who are accredited under EFG to offer this service.
Having first being accredited in 2012, BCRS have already utilised the EFG scheme for some 31 business loans totalling £986,600.
Paul Kalinauckas, Chief Executive at BCRS said: “We are delighted with the news. This accreditation enables us to lend from £10,000 to £150,000 to local businesses in the West Midlands who do not have sufficient security to pledge against a loan.
“Our loan funds have been specially designed to meet the needs of local businesses. We understand that getting business finance can sometimes be a problem and here at BCRS we want to meet that demand for loans. Not only does it mean that a business can flourish with our help but also contribute to the social and economic well-being of the area. The economic impact of our lending in the West Midlands has been calculated at £60 million per annum.”
BCRS has been established now for some 13 years and has over that time loaned over £22 million to local businesses – resulting in either the creation or safeguarding of over 3800 jobs across the West Midlands region.
BCRS helped us
Lichfield-based ICT solutions firm Netmania received an EFG backed loan in 2013. Company director Nick Wilcox said: “BCRS saved Netmania. Without them, there would be 30 people without jobs and that includes me. The loan fund is perfect for businesses like mine. I felt that the BCRS team listened to me and understood my business. From the beginning, I could tell that they wanted to help and kept me informed at each stage. The process was straightforward, everything was done when they said it would be and all in all I would recommend them to any business looking for access to finance if the bank says no.”
For any West Midlands based businesses looking for access to finance, a BCRS loan can be used for a wide range of projects including expansion, purchasing equipment, recruitment and marketing. BCRS lend to most market sectors including construction, engineering, IT services, manufacturing, service providers and wholesalers.