Q&A with BCRS introducer Steve Harris, Director, Central Business Finance
BCRS Business Loans works with a number of partners and introducers to widen its reach and make sure it is able to support as many viable businesses as possible.
We caught up with Steve Harris, Director of Central Business Finance, to find out how he works in partnership with BCRS Business Loans to refer businesses in need of funding.
Central Business Finance assists all types of businesses with gaining access to finance. Specialising in finding tailored finance solutions for each client’s particular situation, it helps businesses find the best type of funding and the best source of that funding to meet their needs.
For more information on how BCRS works with introducers, please visit our Introducers webpage.
How does Central Business Finance work with BCRS?
In summary, we refer clients to BCRS. We source businesses that are looking for funding and then look at the options within the market to decide which funder might be the most suitable for that customer.
In cases where we think that would be BCRS, we contact BCRS and pass on some initial information about the client, such as their accounts, bank statements and debt schedules.
If BCRS agree that it is a business they can help, we organise for them to meet the client.
How does Central Business Finance support businesses that are struggling to get funding from mainstream lenders?
We help businesses get together all the information they need to provide to a funder, such as forecasts and business plans, in a presentable format.
We also help businesses by finding which funder is the most appropriate for their individual case and introduce them.
What do you like about working with BCRS?
Both the wider team and I enjoy working with BCRS because there is still a person to talk to and discuss cases with.
If a client needs to approach a lender like BCRS because they have struggled to get funding from traditional lenders then there is most likely going to be a challenge somewhere.
The good thing is that BCRS will listen to what the challenge is, and as long as the customer can explain the reasons behind the challenges and how these can be overcome, they are open to helping.
What successes have you had with BCRS?
There have been many. Last year, for example, we helped a Stourbridge husband and wife team acquire an industrial wire mesh manufacturing business.
After an introduction from Central Business Finance, the couple acquired Midland Wire Mesh Ltd with a joint funding package of £175,000 from BCRS Business Loans and business lender UKSE.
As a result of the acquisition, Midland Wire Mesh were hoping to create new jobs, diversify their services and invest in new machinery.
Why would you recommend that a business works with a community lender like BCRS?
I would definitely recommend BCRS because of their personal approach to lending, something that has disappeared in the banking sector in recent years. BCRS meet clients face to face to help understand their business and whether they can invest.
Once a BCRS business development manager picks up a client case, they see it through to the end, providing each client with a single point of contact for support throughout, which is very beneficial.
Business owners are often time poor, and when they go to traditional lenders and get asked for large amounts of information about their company, sometimes a lot of that will get missed. The team at BCRS proactively helps businesses to compile that information.
Clients can pick up the phone and speak directly to a BCRS contact very quickly, which can speed up the process of getting funding and make it very efficient.
BCRS look at the bigger picture when making lending decisions. They don’t just look at a client’s financial performance and decide on that basis that they can’t afford to repay a loan; they look at each company’s social impact and what it brings to the community, which is a great benefit.
