Community lender BCRS Business Loans has reached a milestone by lending over £2 million of finance to help small businesses across Wales grow, generating economic growth and creating jobs.
As the fund manager for the smaller loans fund (£25,000 to £100,000) for the British Business Bank’s £130m Investment Fund for Wales, BCRS has provided over £2m in loans to 34 businesses across Wales, creating 104 jobs and protecting a further 189, while providing more than £10.261m of economic growth across the country. Of the businesses assisted, 26 per cent were female-led, whilst 15 per cent focused on supporting firms under-represented in traditional lending.
The Investment Fund for Wales, which was launched by the British Business Bank in late 2023, operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead.
One business to benefit from finance through the fund is The Installation Exchange, a growing tech-focused company based in Mold. Founder and Chief Executive Officer, Lee Stephens worked with BCRS to secure a £25,000 finance package to accelerate its software development and expand its reach into international markets.
The funding has enabled The Installation Exchange to invest in the development of its innovative software platforms, Insta-Job, Insta-Carer and Insta-Shift, a move that has already begun to open new doors with clients outside of the UK.
Lee said:
“We were referred to BCRS by Business Wales, as up until recently we had only experienced organic growth, but knew with the right investment, we could capitalise and experience significant growth.
“This finance package has already allowed us to accelerate our software development, which has led to us engaging with a major client overseas, and now we’re ready to amplify our marketing efforts to reach even more businesses.”
Stephen Deakin, Chief Executive at BCRS Business Loans, said:
“We are proud to have surpassed the £2m mark in lending in just less than two years since the launch of the Investment Fund for Wales.
“This achievement is significant, and every business we support demonstrates the impact the fund is having on SMEs across Wales. As we enter the fund’s third year, we are looking to back even more businesses across the country and help them realise their growth ambitions.
“Through our work with the British Business Bank to deliver this fund, we have also been able to support businesses in accessing finance from other funding sources, with every beneficiary securing investment that drives positive, meaningful economic impact.”
Beth Bannister, Senior Investment Manager, Nations and Regions Investment Funds at the British Business Bank, said:
“The Investment Fund for Wales was created to support SMEs like The Installation Exchange in their ambitions to develop new products and continue to scale.
“As we mark two years since the fund’s launch, it is very satisfying to see funds deployed so efficiently by our three appointed Fund Managers, who are building and maintaining long-term relationships in the communities in which they operate, contributing to a pipeline of investment opportunities.
“We are keen to continue this momentum as we enable Welsh businesses to reach their full potential. We look forward to following The Installation Exchange as they continue on their journey.”
The British Business Bank-backed Investment Fund for Wales operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. BCRS Business Loans is managing the smaller loans part of the fund (£25,000 to £100,000). FW Capital are responsible for larger loans (£100,000 to £2 million) and Foresight manage equity deals (up to £5 million).
Having worked with SMEs unable to access finance from traditional sources in the West Midlands since 2002, BCRS Business Loans has expanded into Wales to help smaller businesses there prosper and thrive under the fund, which was officially launched in Cardiff in November 2023.
Since BCRS was founded as a community development financial institution in 2002, it has provided loans worth more than £100 million to businesses across the West Midlands and Wales. A social impact report for the last financial year showed BCRS lent £9.9m to 124 businesses, safeguarding 889 jobs and creating 317 roles, adding £51.2m in value to the economy of the West Midlands, surrounding regions and Wales.
