Funding campaign launches for businesses unable to access finance
A campaign has been launched to support small businesses across Staffordshire and Stoke-on-Trent that are unable to access finance from traditional lenders.
The Staffordshire & Stoke-on-Trent Business Loan Fund is set to deliver two million pounds to businesses over the next three years, with loans from £10,000 to £50,000 available to help county-based businesses grow and thrive.
The fund is delivered by BCRS Business Loans in partnership with Staffordshire County Council and Stoke-on-Trent City Council.
BCRS has already delivered £15 million to 400 businesses in Staffordshire and Stoke-on-Trent since being established.
Staffordshire County Council 's deputy leader and cabinet member for economy and skills Philip White said: “The business loan fund supports small viable companies to access essential finance where they have struggled with commercial lenders.
“It is providing targeted support where it is needed most. We have worked successfully with BCRS for a long time and are now combining our efforts with colleagues at Stoke-on-Trent for this round of funding.
“The fund was originally set up in the aftermath of the 2008 financial crash and in 2021 we are focusing on supporting small businesses recover from the pandemic. The loan fund has enabled businesses to expand, diversify and take on new employees. It has supported companies across a range of sectors from manufacturing to professional services.
“Over the next three years we will build on this success - supporting 200 business which will contribute to our economic growth and create jobs in our communities. ”
Stephen Deakin (pictured), chief executive of BCRS Business Loans, said: “We think differently about business finance and are delighted to be supporting the growth of small businesses in Staffordshire and Stoke-on-Trent with this fund.
“If you don 't tick all of the boxes with other lenders, we can help. Because we 're a non-profit organisation, we can take a human approach to business finance, so we base our decision on you and your business, not a computerised credit score.
“We have made our application process as easy as possible, with hands-on support from a dedicated Lending Manager throughout. This means that, on average, businesses receive funds in just two weeks
“So whether you require a loan for growth capital, employing new staff, purchasing stock, diversifying or much more, get in touch to secure the backing you deserve. ”
Janine Bridges, cabinet member for Education and Economy at Stoke-on-Trent City Council, said: “The Stoke-on-Trent and Staffordshire Business Loan Fund has made a significant contribution to the local economy by supporting viable small businesses across Staffordshire and Stoke-on-Trent, with the provision of loans from £10,000 to £50,000.
"In the last phase of the loan, the fund supported 44 small businesses to access finance, to help them to create new jobs whilst developing and progressing their growth and expansion plans. In total, loans of over £1.5m had safeguarded and created 244 jobs
“As we emerge from the pandemic, it 's never been before more important for businesses to have access to the finance they need to help their business establish and grow. With one of the fastest growing economies outside of London, we want to build on this and do all we can to support businesses and safeguard jobs.
"These loans are quicker for businesses to process and obtain than those from traditional lenders. We know from the previous success of the scheme that this is hugely appreciated by businesses and I 'm looking forward to seeing the difference it 's going to make. ”
Businesses can find out more and express an interest at: https://bcrs.org.uk/apply-now/