BCRS Business Loans passes £1m landmark for CIEF investment in growth and jobs

The company has achieved seven figures in loans delivered for the second CIEF, which was launched in March and backed by Lloyds Bank, the first mainstream lender at scale to finance loans for delivery through socially motivated community development finance institutions.

In total, £1.07m in loans was delivered to 16 businesses, creating 37 new jobs and protecting a further 177 roles while generating £7m in economic impact for the West Midlands and Wales, with 68 per cent of the funds going to companies in economically disadvantaged areas and a further 56 per cent supporting people classed as economically disadvantaged.

The new £62m CIEF offers investment to businesses unable to access finance from traditional sources. BCRS Business Loans supports the CIEF delivery in the West Midlands and Wales by providing secure loans between £25,000 and £150,000 to enable growth and recovery plans.

Funded by Lloyds Bank, along with social impact investor Better Society Capital and contributions from the three participating CDFIs, BCRS Business Loans, Business Enterprise Fund and Finance for Enterprise, the new CIEF aims to invest in 800 small businesses nationally and support 10,500 jobs.

The latest fund for small businesses operating in economically disadvantaged areas, which follows a successful first phase of CIEF funding, is managed by Social Investment Scotland, which has been investing in the social sector since 2001 and is itself a CDFI. BCRS Business Loans delivered loans during the original CIEF programme.

BCRS Business Loans chief executive Stephen Deakin added: “Everyone at BCRS Business Loans is delighted to hit the ground running with the new CIEF by delivering more than £1m in a short period of time.

“Having broken new ground by attracting funders including Lloyds Bank, the new CIEF allows CDFIs like us to help growing companies in some of the UK’s most economically challenging region provide jobs, positive social impact and economic growth.”

Andrew Asaam, West Midlands Ambassador at Lloyds Banking Group, said: “We are pleased to see such a varied range of businesses benefit from our recent investment in CIEF, with thanks to BCRS Business Loans who've been instrumental in enabling owners to access funding to create economic opportunity.”

Victoria Crisp, Investment Manager at Better Society Capital, added: “Better Society Capital is pleased to see the progress made by BCRS Business Loans in ensuring CIEF investment is put to use through investment opportunities to help small enterprises prepare for growth.”

The delivery of CIEF investment comes after BCRS Business Loans was named as a fund manager for the £130m Investment Fund for Wales and the Midlands Engine Investment Fund II, which is delivering a £400m commitment of new funding for businesses.

Since BCRS Business Loans was set up in 2002, it has provided loans worth more than £85m to businesses. A social impact report for the last financial year showed BCRS lent £6.5m to 72 businesses, safeguarding 999 jobs and creating 473 roles, adding £33.7m in value to the economy of the West Midlands and surrounding regions.

BCRS Business Loans has a ‘Pint After Work’ get-together at the White Horse pub, 7 Wenlock Road, Shrewsbury, from 5.30pm to 7.30pm on Tuesday, September 3. In the latest of a series of free events, The first drink will be on BCRS as the Community Development Financial Institution brings together companies as part of its drive to support the West Midlands business community.

The Pint After Work event provides attendees with an opportunity to network and build professional relationships in a friendly and relaxed atmosphere, with gatherings held throughout the year.

Dave Malpass, Senior Business Development Manager, said: “We are delighted to be returning to the White Horse pub following a successful Pint After Work event in June.

“The event is a great opportunity for companies to share experiences and make new introductions. The BCRS team look forward to welcoming you to the White Horse.”

BCRS Business Loans provides funding to businesses that are struggling to access finance from traditional lenders. Businesses can secure loans from between £10,000 and £150,000 from BCRS Business Loans to support growth and recovery plans.

As a Community Development Financial Institution, the lender’s purpose is to provide access to finance to enable local businesses to grow and prosper. Since it was founded in 2002, it has provided loans worth more than £80 million to businesses across the West Midlands. To register for the event, visit eventbrite.co.uk/e/pint-after-work-at-the-white-horse-pub-shrewsbury-tickets-925087420377?aff=oddtdtcreator