One of the leading providers of non-bank business lending in the West Midlands celebrated after smashing its annual lending target of £6 million – six weeks ahead of schedule.
After delivering loans to the value of over £4.5 million in 2014, BCRS Business Loans set an ambitious growth target of 33% for 2015 as the not-for-profit lender pledged to support even more West Midlands based businesses that are unable to secure finance from traditional lenders.
Bolstered by an increased loan threshold to £150,000, a larger team and an expansion of its geographical coverage, BCRS Business Loans surpassed its £6 million goal over a month and a half early, in November, delivering over 170 loans since the start of the year.
The sole purpose of BCRS Business Loans is to provide an additional source of finance for SME businesses that are unable to secure loans from traditional lenders, such as banks. Through specifically designed business loan funds, the lender is able to provide viable West Midlands businesses with loans ranging from £10,000 to £150,000.
Paul Kalinauckas, Chief Executive of BCRS Business Loans, said: “This is a magnificent achievement for BCRS – not only did we reach our target, but beat it by a significant margin.
“The growth of BCRS Business Loans demonstrates that smaller businesses are still finding it difficult to secure finance from mainstream lenders. We believe in them and, if possible, step in to help bridge the lending gap to fuel the growth and prosperity of local SMEs.
“This is the most we have ever lent in one year, which is testament to both the incredible team we have at BCRS, who work tirelessly to deliver responsible finance, and also our personal, relationship-based approach to lending”, reflected Paul.
Since 2002, BCRS Business Loans has lent in excess of £27.4 million to help over 950 SMEs expand and develop their businesses – help that traditional lenders couldn’t provide.
The organisation is particularly proud of its contribution to improving the social and economic well-being of local communities. It is estimated that BCRS Business Loans generated an extra £60 million* in the West Midlands economy last year and, in the past 14 years, has helped to safeguard over 2700 jobs and create over 1800.
“Businesses have loan applications refused for a number of reasons, sometimes for simply not passing impersonal computerised credit scoring systems. If we believe that a loan enquiry is viable we will take time to visit you to discuss your funding needs face-to-face, to help each client build a strong loan application”, promised Paul.
Any West Midlands based business can expect a fast response when they apply for a loan either by contacting 0845 313 8410 or by submitting an enquiry form at www.bcrs.org.uk
*based on BIS (2013) Economic Evaluation of the Enterprise Finance Guarantee scheme, Table 28, annual average based on quoted average net additional gross value added per business.