Alternative business lender BCRS Business Loans has been named as an accredited provider of the new iteration of the Recovery Loan Scheme (RLS) to support small businesses in the West Midlands.
BCRS will deliver loans between £25,001 and £150,000 via the government-backed scheme to help businesses faced with increasing financial pressures.
Administered on behalf of the government by the British Business Bank and delivered through accredited delivery partners such as BCRS, RLS funding can be used for any legitimate business purpose, including to manage cashflow and facilitate investment and growth.
Since the loan scheme was launched, BCRS Business Loans has delivered over £6million to businesses facing increased pressures on company finances. In total, 87 businesses have been supported by BCRS through RLS backing, safeguarding 711 jobs and creating 383 more.
Originally set up in April 2021 to help businesses recover from the Covid-19 pandemic, last month Business Secretary Kwasi Kwarteng announced the RLS would be extended for a further two years to help businesses grappling with cost pressures.
The businesses to benefit from the scheme through engaging with BCRS include Dudley-based firm Media Group, who used the loan to invest in smart marketing technology and employ an additional team member.
Others to get support included start-up recruitment agency Hariley Solutions, whose HQ is in Wellington, Shropshire, who needed investment to support business growth and create two new jobs.
Stephen Deakin, Chief Executive of BCRS Business Loans, said:
“We are delighted to have been accredited as a delivery partner for the new iteration of the Recovery Loan Scheme (RLS) and to be working with the British Business Bank once again to ensure that no viable business is left unsupported while they face the current increased cost pressures.
“The new iteration of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to small businesses across our region, while stimulating local communities, creating jobs and driving economic growth in the UK.
“Everyone at BCRS continues to be impressed by the resilience of our region’s small business community despite the recent challenges. BCRS has a highly experienced and knowledgeable team and we are committed to doing all we possibly can to support companies, so please contact us or submit an online loan application form to kickstart your growth and recovery plans.”
Not-for-profit lender BCRS has been supporting businesses that are unable to access finance from traditional lenders for the past 20 years.
The Recovery Loan Scheme 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. It gives lenders a government-backed guarantee against the outstanding balance of the facility.
Nationally the government reports that the scheme to date has supported more than 16,000 English businesses, as well as 1,000 businesses in Scotland, 600 Welsh businesses and 300 in Northern Ireland.
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme
