Regional business lender BCRS Business Loans is eyeing a record year of lending in 2020 after ending 2019 on a high.
The alternative business lender said that at just nine months into its financial year it had already surpassed last year’s £7.2 million of lending and is well on track to achieving its £10 million per annum target.
BCRS Business Loans will be continuing to extend its support for West Midlands based small and medium sized enterprises (SMEs) that are unable to access finance from traditional lenders.
The lender has also expressed reassurance in the market following a recent report from Deloitte which found that UK businesses have experienced a significant boost in confidence following December’s election.
Paul Kalinauckas, Chief Executive at BCRS Business Loans, said:
“We are proud to be supporting the growth of local businesses, who continue to be the backbone of our economy and are so often over-looked by traditional lenders.
“We believe that no viable business in the West Midlands should go unsupported, which is why we are aiming to increase our lending by 25 per cent per annum for the next five years.
“Although the year ahead will be one of change, especially with regards to our political landscape, West Midlands based businesses are continuing to invest in the growth of their businesses. However, many businesses are still finding it difficult to access finance from traditional lenders, which is where we step in. We want them to know that we are here to support them.
“As a not-for-profit financial institution, we are focussed on the socio economic impact of our lending. By extending our support for SMEs we also aiming to boost our impact – including the number of jobs that are created as a result of our lending.”
BCRS Business Loans support the growth and prosperity of West Midlands based SMEs by offering loans from £10,000 to £150,000, with a relationship-based approach to lending and the added perk of no early repayment fees.