Black Country finance company BCRS has been appointed as fund manager to the MEIF, overseeing the Small Business Loans budget of £17m.
BCRS has a track record of working with SMEs in the region, including Stoke on Trent, Wolverhampton, Dudley, Telford and Wrekin, Staffordshire, Walsall and Sandwell. It offers loans of between £10,000 and £150,000 to businesses of up to 250 employees that make a positive contribution to the social, environmental or economic wellbeing of the West Midlands, and that are unable to borrow from traditional sources, such as banks.
This matches the MEIF’s aim to plug the gaps in the current funding landscape for SMEs and help start-ups and existing businesses in the Midlands grow, develop and prosper. The Small Business Loans scheme will offer finance from £25,000 to £150,000 for a wide range of projects, including start-up funds, working capital, expansion projects, leases for premises and asset acquisitions. It is supported financially by the European Union using funding from the European Regional Development Fund.
BCRS will play a pivotal role in allocating the £17m fund, building and strengthening relationships with the region’s small businesses. Paul Kalinauckas, chief executive of BCRS Business Loans, said that the goal is to “leave no viable business unsupported”.