BCRS lending generates £300m for economy
Business lender BCRS Business Loans has passed a major milestone, as its lending has now generated £300 million for the local economy.
BCRS Business Loans, which covers Shropshire, has been operating for more than 15 years to provide growing businesses with an additional source of finance.
So far the organisation has delivered £33 million of loans, and that has now helped generate £300 million for the economy since its launch in 2002.
Paul Kalinauckas, chief executive of BCRS Business Loans, said: "This is an incredible achievement and has been made possible thanks to the dedication of the 1,088 businesses we have supported.
“We are able to achieve this by maintaining a strong focus on the social value of our lending, so successful loan applicants will ideally be creating or safeguarding jobs.
“To date we have delivered over £33million of loans and the demand from SMEs that are struggling to access finance from traditional lenders continues to be stronger than ever.”
And recent figures suggest that the importance of BCRS’ business loan funds is set to increase in the coming months.
A Lloyds Bank Regional Purchasing Managers’ Index (PMI), released in February 2017, found that business activity increased at a faster rate in the West Midlands than any other region in England.
Mr Kalinauckas added: "This is very positive news for our region. Growth in the West Midlands increased to an index figure of 60.1, outperforming the average score of 55.8 across England. A score above 50 signifies growth.
“Growth can bring challenges for business owners, such as how they finance the purchase of additional equipment and stock, bigger premises, more staff, cash flow issues and much more.
“We believe in local businesses and take time to understand individual needs with a relationship-based approach to lending, rather than an impersonal credit scoring system."
