Managers of the Staffordshire Business Loan Fund have predicted that 2017 will be a year of growth for small businesses across the county.
BCRS Business Loans, who run the Loan Fund in conjunction with Staffordshire County Council, say that with this initiative in place, businesses now have access to the funding that is needed to support growth and create jobs.
Paul Kalinauckas, the chief executive of BCRS Business Loans, said: “We recognised that access to finance was the most prominent barrier to growth faced by small businesses in Staffordshire and we wanted to do something to help them, which is why we established the Staffordshire Business Loan Fund.
“With an allocation of £1.5 million to distribute, this in an exciting opportunity for local businesses that have their sights set on expansion.
“The Loan Fund has a successful track record of promoting the growth and prosperity of local businesses, which in turn benefits the wider economy. Since the new initiative started in December 2015, half a million pounds has been distributed” continued Paul.
The Staffordshire Business Loan Fund has been especially designed for businesses that are struggling to access finance from traditional lenders, such as banks. Operating with a relationship-based approach to lending, loans from £10,000 to £50,000 are available for viable businesses.
Zoe Wilkinson, Business Development Manager for Staffordshire and Stoke-on-Trent, commented: “We are here to support Staffordshire’s talented and innovative entrepreneurs with a flexible and transparent lending model. We believe in small businesses; they are at the heart of what we do.
“We invest in most market sectors – right from manufacturing companies to IT providers and anything in between. Submit a quick and simple enquiry form on our website to discover if you are eligible for a business loan.”
Staffordshire County Council’s economic growth leader Mark Winnington said: “It is a priority of the county council to support the local economy which our small businesses play a vital part in. This fund has made a real difference to Staffordshire small businesses. The results speak for themselves and the fund has achieved exactly what we wanted it to – namely enabling businesses to grow by overcoming access to finance issues. Small companies are however still facing difficulties in accessing funding despite having strong business cases. Last year we took the decision to continue the fund for three more years and we look forward to continuing to work with BCRS. It has been a strong and effective partnership which will continue to support business growth and create or safeguard jobs in Staffordshire.”
To discover more about the Staffordshire Business Loan Fund, visit bcrs.org.uk or call BCRS Business Loans on 0345 313 8410.
