A Midlands-based community lender has agreed more than £2 million of loans in less than one year thanks to a new fund aimed at helping small and medium sized businesses in the region to ‘start up, scale up or stay ahead’.
BCRS Business Loans has agreed more than £2 million in small business loans through British Business Bank’s Midlands Engine Investment Fund II (MEIF II), benefitting 35 businesses across the West Midlands – including Stoke-on-Trent video production company Reels In Motion – since the fund launched in February 2024.
Overall, 330 jobs have been created and a further 107 roles have been safeguarded through this financial support.
In total, since launching in 2002 BCRS Business Loans has lent more than £95 million which has contributed to the creation of over 3,000 jobs across the West Midlands.
And now the Wolverhampton-based lender is set to host a free networking lunch in Stone today, 11 February, alongside Frontier Development Capital.
BCRS Business Loans and Frontier Development Capital are both delivery partners for MEIF II, with BCRS Business Loans delivering smaller loans from £25,000 to £100,000, Frontier Development Capital offering debt finance from £100,000 to £2 million and Mercia Ventures delivering equity investment up to £5 million.
Reels In Motion, based in Tunstall, received £70,000 to rebrand, invest in camera equipment and make building improvements.
Co-founder and Accounts Director Matt Hubbard said: “These improvements have the potential to bring in some additional revenue and in the longer term could create a new job opportunity for a studio manager.”
The £2 million landmark for Midlands Engine Investment Fund II comes on the back of 250 small businesses receiving support secured through BCRS Business Loans in the first Midlands Engine Investment Fund, launched in 2017.
Stephen Deakin, Chief Executive at BCRS Business Loans, said: “The team at BCRS Business Loans are pleased to reach the £2 million landmark as we build on our strong heritage of delivering British Business Bank funds in line with our goal of ensuring no viable business goes unsupported, especially as the economic outlook remains uncertain.
“Helping small businesses to secure funding to start up, scale up and stay ahead is central to our work, so to have already distributed £2 million in loans in less than a year shows the positive difference which Midlands Engine Investment Fund II can make in supporting our economy.
“Our fund managers are working with our network of introducers and advisers to help business owners from a wide range of sectors to secure funding.”
You can sign up for the Beer and Baps event being held at the Crown Wharf pub in Crown Street, from 12pm to 2pm today here.
