An alternative business lender has surpassed a £3.1 million lending milestone for the Coronavirus Business Interruption Loan Scheme (CBILS).
BCRS Business Loans has announced that, since going live with CBILS on Tuesday 7th April, it has delivered £3.1 million to 51 businesses in the West Midlands that have been affected by the Coronavirus.
Although the pandemic has forced many businesses to postpone contracts or temporarily stop trading, this funding boost has helped the companies to secure cash flow and safeguard 636 jobs.
The Coronavirus Business Interruption Loan Scheme, delivered through almost 50 British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak.
As part of the scheme, the Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
Stephen Deakin, Chief Executive of BCRS Business Loans, said:
“We are committed to supporting the funding needs of businesses right across the West Midlands that have been affected by the ongoing Coronavirus and the uncertainties it presents.
“Our team has worked tirelessly over the past three weeks and the results are astonishing. We are incredibly proud to have supported 51 businesses to the tune of £3.1 million from CBILS, with more loans being processed.
“To provide context, as a small team of 17 people, our best month of lending before this was 21 loans totalling £1.1 million, which we surpassed within 9 days of our CBILS scheme going live.
“Businesses across our region are not only showing resilience and ensuring the survival of their businesses, but they are also using their expertise and knowledge to create innovative solutions in the fight against this virus, which is heart-warming to see.
“This milestone would not have been possible without the support of our funding partners, so we would like to thank the British Business Bank, Big Society Capital and Triodos Bank UK.”
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).
BCRS Business Loans support the growth of viable businesses in the West Midlands that are unable to access finance from traditional lenders, such as banks. The not-for-profit lender offers loans from £10,0000 to £150,000 and its loan process has been modified to adhere to social distancing guidelines.
To discover more about BCRS Business Loans visit www.bcrs.org.uk.