BCRS Receives Accreditation For Another £1million Through EFG

 

BCRS Business Loans, one of the leading non-bank lenders in the West Midlands, has announced accreditation for another £1 million of lending under the Enterprise Finance Guarantee (EFG) Scheme.

The EFG scheme provides vital funding to SME’s that lack the collateral or credit history to secure a normal bank loan and BCRS is the only Community Development Finance Institution (CDFI) in the West Midlands accredited under EFG to offer this service.

Since first becoming accredited in 2012, BCRS have already utilised the EFG scheme for 31 business loans totalling £986,600.

Paul Kalinauckas, Chief Executive at BCRS said: “We are absolutely delighted with the news. This accreditation enables us to lend from £10,000 to £150,000 to local businesses in the West Midlands who do not have sufficient security to pledge against a loan.

“Our loan funds have been especially designed to meet the needs of local businesses. We understand that getting business finance can sometimes be a problem and here at BCRS we want to meet that demand for loans. Not only does it mean that a business can flourish with our help but also contribute to the social and economic well-being of the area. The economic impact of our lending in the West Midlands has been calculated at £60 million per annum.”

Established 13 years ago, BCRS has loaned over £22 million to local businesses and created or secured over 3800 jobs across the West Midlands.

Lichfield-based ICT solutions firm Netmania received an EFG backed loan in 2013. Company director Nick Wilcox said: “BCRS saved Netmania.  Without them there would be 30 people without jobs and that includes me. The loan fund is perfect for businesses like mine. I felt that the BCRS team listened to me and understood my business. From the beginning I could tell that they wanted to help and kept me informed at each stage. The process was straightforward, everything was done when they said it would be and all in all I would recommend them to any business looking for access to finance if the bank says no.”

A BCRS loan can be used for a wide range of projects including expansion, purchasing equipment, recruitment and marketing. BCRS lend to most market sectors including construction, engineering, IT services, manufacturing, service providers and wholesalers.

For any West Midlands based businesses looking for access to finance please click the fast track online application facility on our website or call 0845 313 8410.

 

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