BCRS Business Loans has made its largest loan to date. Totalling £150,000, the loan recipient, a Birmingham-based business, will now be able to achieve its ambitious plans for growth.
BCRS was established in 2002 with the aim of providing a vital source of finance to SMEs unable to secure loans from traditional, mainstream lenders. The not for profit lender provides access to finance to enable businesses to grow and prosper by providing loans ranging from £10,000 to £150,000.
It has set its sights on lending £6 million in 2015 and only recently increased its maximum loan size from £100,000 to £150,000.
Christine Sims, Business Development Manager whom secured this milestone lending for BCRS said;
“I am absolutely thrilled to have secured our biggest ever loan of £150,000. It’s a great achievement for our team. Not only is it an incredible feat for BCRS, but it’s a clear indication of our commitment to fuelling the growth and prosperity of businesses across the West Midlands. SMEs continue to be the backbone of our economy and are a vital source of employment for the regions in which I work and the more we can do to help them, the better.
This loan in particular is for a prestigious, well-established, haulage firm based in Birmingham, whose directors approached BCRS for help after having their loan application declined by a high street bank. We take time to really understand the needs of businesses and can see past the standard credit criteria.”
Extra finance is needed to fund a new warehouse – including the hire of new staff to run and operate this facility as well as the purchase of racking and stacking units to allow full utilisation of this area. There are also plans to employ a new business development manager to drive up sales and increase turnover. It’s a very exciting time for this company”, concluded Christine.
BCRS believe that by helping SMEs to grow, the social and economic prosperity of the region will continue to improve. In fact, latest figures show that BCRS had a powerful impact on the local economy in 2014. By providing business loans, the organisation was able to generate an extra £60 million* in the West Midlands economy; helping to create over 400 jobs and safeguard over 1000.
For any West Midlands based businesses looking for access to finance contact www.bcrs.org.uk or call 0845 313 8415**
*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.
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