A Birmingham-based wholesaler has secured a £150,000 funding boost to support its cashflow and create three new jobs.
9 Wholesale, which trades out of Kings Norton Business Park, has secured the finance from BCRS Business Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The loan will enable the company to purchase stock, continue developing a new website and hire three members of staff.
9 Wholesale sells a variety of products for the fast food industry, such as packaging, soft drinks and frozen foods. Trading for over ten years, the company sells its products in bulk to cash and carries which then sell direct to fast food outlets.
Larisa Scinteie, Director of 9 Wholesale, said: “As small businesses like ours continue to face challenging trading conditions, we are delighted to have secured this funding boost from BCRS.
“Fast food orders have soared during the coronavirus pandemic, as consumers turn to takeaway establishments to source their favourite foods.
“Whilst suppliers are removing credit facilities, our customers are continuing to request them, which has put a strain on our cashflow.
“With funding in place, we can continue to deliver a wide range of products to a growing customer base in the fast food industry, all delivered with the excellent service our customers have come to know and respect us for.”
Stephen Deakin, chief executive of BCRS Business Loans, said: “We are proud to have supported the funding needs of 9 Wholesale, supporting a period of growth for the business.
“As a lender of intentional social and economic impact, we are enabling 9 Wholesale to create three new jobs, which will not only be excellent for the local economy but is also a great indication of confidence in the future.
“We are committed to supporting West Midlands-based businesses that have been affected by the coronavirus pandemic. We believe that no viable business should go unsupported and understand how important SMEs are to the growth and prosperity of our local communities.”
Ryan Cartwright, Senior Manager at the British Business Bank said: “This funding package secured by 9 Wholesale will allow it to create new jobs in the region and facilitate growth. We are committed to supporting small businesses in the Midlands and would encourage other companies to consider the MEIF as a source of finance.”
Tim Pile, Chair of the Greater Birmingham and Solihull LEP, said: “As a LEP we support local businesses with access to funding and a range of advice to secure inclusive economic growth in the region. The last six months have been particularly testing for our food, drink and hospitality sector and it continues to face the challenges of the ongoing Covid-19 pandemic.
“To see businesses such as 9 Wholesale not only surviving, but putting plans in place to continue to expand and create jobs for local people, is extremely encouraging. It is a testament to the strength of the entrepreneurial talent we have within the Greater Birmingham and Solihull LEP region. ”
The Coronavirus Business Interruption Loan Scheme (CBILS) 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 (BEIS).
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
West Midlands based businesses can secure loans from £50,001 to £150,000 via CBILS accredited lender BCRS Business Loans, where interest and lender-levied fees are paid by the government for the first year. Alternatively, loans from £10,000 to £150,000 are available from BCRS outside of the CBILS scheme.
Click here to submit an online application form today.