Loan fund opens for small businesses

A new loan fund for small businesses in Staffordshire has opened this week to help those facing difficulties accessing essential finance as they look to overcome the impact of the pandemic.

The three-year Staffordshire and Stoke-on-Trent Business Loan Fund will provide loans from £10,000 to £50,000 to companies across a range of sectors.

It will see the county working with Stoke-on-Trent City Council and continuing their decade long working partnership with the not-for-profit organisation BCRS Business Loans, which will administer the programme for both councils.

Stoke-on-Trent and Staffordshire Growth Hub manager Nicola Kent said: “The new loan fund application process opens today and will support small viable companies to access essential finance where they have struggled with commercial lenders.

“It aims to enable businesses to expand, diversify and take on new employees. We look forward to as many businesses as possible getting in touch to find out more. ”

Chief executive of BCRS Business Loans, Stephen Deakin (pictured), added: “We are delighted to be working with Staffordshire County Council and Stoke-on-Trent City Council again after delivering five successful loans funds in the past.

“The new loan fund builds on this support as small businesses start to shift their efforts towards recovering from the extensive impacts of Covid-19. We understand that small businesses are looking for a relationship-based approach to lending, where dedicated finance professionals assess each loan application based on its own merits, rather than using impersonal computerised credit scoring systems.

“As a not-for-profit lender dedicated to social and economic impact, we believe that no viable business in Staffordshire should go unsupported and are pleased to extend additional funding support to them via this fund. ”

Information on the Staffordshire and Stoke-on-Trent Business Loan Fund and a range of other business support programmes is available through the Stoke-on-Trent and Staffordshire Growth Hub at www.stokestaffsgrowthhub.co.uk

Alternatively small businesses can apply direct by submitting an online initial application form at www.bcrs.org.uk.