A not-for-profit business lender committed to boosting the social and economic prosperity of local communities has announced impressive economic impact results for 2015.
BCRS Business Loans has revealed that, by distributing loans to local businesses in and around the West Midlands, it has been able to generate an extra £60 million of economic impact on the region’s economy.
This figure was calculated by the BIS Economic Evaluation Tool after £6.5 million was lent to 182 SMEs in 2015 which, crucially, supported the creation of over 1000 new jobs and helped to secure over 740 existing jobs.
Paul Kalinauckas, Chief Executive of BCRS Business Loans, said: “We are incredibly proud of the strong impact we have had on the local economy. This is exactly what BCRS Business Loans was set up to do, a non-profit distributing financial instrument that could get loans out to local businesses denied access to finance by mainstream lenders. We are an impact lender, which means we lend to businesses that demonstrate the potential to make a positive contribution to the social and economic well-being of the region.
“As a result of being founded on co-operative principles and with over 14 years’ experience of supporting the funding needs of small to medium sized businesses, we have developed a responsible lending procedure that analyses how each loan will affect both people and businesses in the community,” continued Paul.
With loan funds that have been especially designed to meet the needs of SMEs across the region, BCRS Business Loans provide loans ranging from £10,000 to £150,000. Funding is made available to viable businesses that are unable to secure finance from traditional lenders, such as banks.
BCRS Business Loans lend to most market sectors including construction, engineering, IT services, manufacturing, service providers, wholesalers and many more.
“Small businesses are at the heart of what we do and, most importantly, we believe in what they do. We genuinely love seeing small businesses grow and achieve their goal. We provide funding, advice and support in ways few other lenders can.
“It is the personal, relationship based approach to lending that makes us really stand out from the crowd and with a £7 million lending target for 2016, we hope to make an even bigger contribution to the economy this year,” concluded Paul.
To discover more information about BCRS Business Loans or to submit an Enquiry Form, please visit www.bcrs.org.uk or call 0345 313 8410 where one of our team will be happy to answer any questions.