BCRS Business Loans has passed another landmark by agreeing to more than £2 million in small business loans through British Business Bank’s Midlands Engine Investment Fund II.
In total, 35 small businesses across the West Midlands have benefitted from agreements made with the team at Wolverhampton-based BCRS Business Loans since the fund launched in February 2024, bringing an economic impact of £14.7 million to the region.
Overall, 330 jobs have been created and a further 107 roles have been safeguarded through this financial support.
The £400 million Midlands Engine Investment Fund II covers the whole of the Midlands, providing debt finance from £25,000 to £2 million and equity investment up to £5 million to help small and medium sized businesses in the region to start up, scale up or stay ahead.
BCRS Business Loans is delivering smaller loans in the West Midlands from £25,000 to £100,000, with Frontier Development Capital offering debt finance from £100,000 to £2 million and Mercia Ventures delivering equity investment up to £5 million.
Among those to benefit is a video production agency based in Stoke-on-Trent, which received £70,000 to rebrand, invest in camera equipment and make building improvements.
Reels in Motion specialises in corporate, animated, marketing and promotional video production. Founded in 2004 by Matthew Hubbard, Joseph Gordon and Philip Bland, today the business employs seven staff.
Accounts Director Matt Hubbard said:
“We are looking forward to using the funding to rebrand the business, which will include investing in a new website, marketing and new signage. We have had the same branding for 20 years, so this will be a great opportunity to refresh our look.
“The investment will also go towards updating our production equipment, which is essential if we want to stay at the forefront of our industry and continue to grow. Finally, the funding will help us invest in the building we own and operate in.
“These improvements have the potential to bring in some additional revenue and in the longer term could create a new job opportunity for a studio manager.”
The £2 million landmark for Midlands Engine Investment Fund II comes on the back of 250 small businesses receiving support secured through BCRS Business Loans in the first Midlands Engine Investment Fund, launched in 2017.
In total, since launching in 2002 BCRS Business Loans has lent more than £95 million which has contributed to the creation of over 3000 jobs across the West Midlands.
Stephen Deakin, Chief Executive at BCRS Business Loans, said:
“The team at BCRS Business Loans are pleased to reach the £2 million landmark as we build on our strong heritage of delivering British Business Bank funds in line with our goal of ensuring no viable business goes unsupported, especially as the economic outlook remains uncertain.
“Helping small businesses to secure funding to start up, scale up and stay ahead is central to our work, so to have already distributed £2 million in loans in less than a year shows the positive difference which Midlands Engine Investment Fund II can make in supporting our economy.
“Our fund managers are working with our network of introducers and advisers to help business owners from a wide range of sectors to secure funding.”
British Business Bank’s Senior Investment Manager Beth Bannister added: “The take-up of small business loans through the Midlands Engine Investment Fund II has been very positive to see.
“Smaller enterprises in the Midlands play an integral part in the region’s economy, with many having significant growth potential, so it is good to see how the fund has helped realise their ambitions and reach the next level.
“The Midlands Engine Investment Fund II plays a vital role in supporting businesses across the Midlands, ensuring there is wider access to finance and lending options. We look forward to continuing our efforts to support more businesses and entrepreneurs, while contributing to the region’s economic success.”
The Midlands Engine Investment Fund II drives sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands.
The fund aims to increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
To find out more about the Midlands Engine Investment Fund II and apply for funding through regional fund manager partners, please visit the website.
