An alternative business lender in the West Midlands has worked at pace to arrange new payment plans for existing customers affected by the Coronavirus pandemic.
BCRS Business Loans has contacted over 165 existing customers to arrange tailored payment plans that will help to ease financial pressures during this unprecedented time.
BCRS Business Loans said it is committed to doing all it can to support businesses with existing loan facilities that are experiencing cashflow issues because of Covid-19.
Stephen Deakin, Chief Executive at BCRS Business Loans, said:
“We are committed to supporting smaller businesses (SMEs) throughout this crisis. We understand that SMEs are the backbone of our economy and require understanding, support and flexibility from lenders during this time.
“It was important to BCRS that we support our existing customers first, which is why we assigned a dedicated team to work with those customers who have suffered disruption as a result of the Coronavirus, to find a temporary payment plan that suited all parties. We deem this as an essential step in alleviating financial pressures on businesses to ensure they are able to trade through this incredibly difficult period.
“We believe that no viable business should go unsupported. So, in addition to this, we are also processing applications for the hundreds of hard-hit businesses that have applied for the Coronavirus Business Interruption Loan Scheme (CBILS) through BCRS.”
BCRS Business Loans was announced by the British Business Bank as a delivery partner for CBILS due to their existing accreditation as a provider under the former Enterprise Finance Guarantee.