BCRS Business Loans adds £30m in value to economy through annual lending
Community lending specialist BCRS Business Loans added almost £30m in value to the economy through funding delivered in the last financial year, new figures show.
BCRS Business Loans, which works across the West Midlands, surrounding areas and Wales helping SMEs unable to access finance from traditional sources, supported 72 businesses, safeguarding 675 jobs and creating 186 roles, according to the latest impact report.
At the annual general meeting at Wolverhampton Science Park, Chief Executive Stephen Deakin updated members of the society on the co-operative business loan lending performance in the 2023-24 financial year.
Unveiled at the meeting, the impact report showed BCRS Business Loans lent £5.8m to 72 businesses, safeguarding 675 jobs and creating 186 roles while adding £29.9m in value to the economy of the West Midlands, surrounding region and Wales. Manufacturing businesses borrowed the largest amount by sector, totalling £1m.
Of the funding, 43 per cent went to the UK’s top 35 per cent most disadvantaged areas, with 18 per cent going to female-led businesses and 18 per cent to ethnic minority-led firms.
