Businesses in Stoke-on-Trent are set for a boost after a new dedicated Business Loan Fund has been confirmed by BCRS Business Loans and Stoke-on-Trent City Council.
In a bid to promote the growth of local businesses, the new initiative, known as the Stoke-on-Trent Business Loan Fund, is set to make a funding pot of almost £300,000 available to Stoke-based SMEs over the next 3 years.
The Stoke-on-Trent Business Loan Fund has been especially designed to meet the needs of growing small and medium sized businesses that are unable to secure finance from traditional lenders, such as banks. Loans ranging from £10,000 to £50,000 are to be made available for viable SMEs that will make a positive contribution to the social and economic prosperity of the local economy.
The scheme – part of a wider £1.5m project with Staffordshire County Council to fuel the growth of businesses across Staffordshire – will run from 2015 until 2018 and has been joint-funded by Stoke-on-Trent City Council and one of the region’s largest providers of alternative business finance, BCRS Business Loans.
Paul Kalinauckas, Chief Executive of BCRS Business Loans, said: “With over 14 years’ experience of supporting the funding needs of local businesses, we are delighted to be introducing this new Business Loan Fund. We were established for a specific purpose – to support the growth of businesses that are unable to secure finance from traditional lenders, and this new loan fund will allow us to do just that with Stoke-based businesses.
“We have a long and successful history of working with Stoke-on-Trent City Council and Staffordshire County Council. A number of previous funding partnerships between the councils and BCRS have delivered over £655,000 of funding to 24 Stoke-on-Trent and Staffordshire based businesses”.
“We share a common passion; to liberate businesses and boost the prosperity of the local economy. We believe in what they do,” concluded Paul.
Councillor Janine Bridges, Stoke-on-Trent City Council’s cabinet member for economy, said: “This is fantastic news for the growth of local businesses.
“Many businesses have difficulty in raising the capital to invest and grow, and in some cases even to fund ongoing operations. The Stoke-on-Trent Business Loan Fund aims to help stimulate business growth, and create the jobs that the city needs.”
For any Stoke-on-Trent based businesses looking for access to finance please contact BCRS Business Loans through the fast track online application facility at www.bcrs.org.uk or call 0345 313 8410.