Community Lender BCRS Allocated £20m to Support Businesses in West Midlands and Wales
Community lender BCRS Business Loans has been allocated £20 million by the British Business Bank to assist underserved small businesses across the West Midlands and Wales. This significant funding aims to bolster economic development and job creation in these regions.
First Lender with Dedicated Focus on Wales
Wolverhampton-based BCRS Business Loans is the sixth lender accredited by the British Business Bank under its Community ENABLE Funding programme. Notably, it is the first with a dedicated focus on Wales, expanding its reach and impact.
Operating since 2002, BCRS Business Loans will utilise the Community ENABLE Funding to offer loans ranging from £25,001 to £250,000. The lender also administers loans through the Midlands Engine Investment Fund and the Investment Fund for Wales on behalf of the British Business Bank.
Supporting Underserved Enterprises
BCRS Business Loans functions as a not-for-profit community development finance institution, prioritising support for small to medium-sized enterprises in deprived areas and among underrepresented social groups. The organisation recently celebrated reaching £100 million in total lending since its inception, generating an overall economic impact of £518 million.
Stephen Deakin, chief executive of BCRS Business Loans, stated: "As a community development finance institution, BCRS Business Loans is pleased to build upon our longstanding partnership with the British Business Bank to join the lenders accredited under the Community ENABLE Funding programme. This accreditation strengthens our support for businesses in the West Midlands and Wales, providing vital access to finance for growth and employment, thereby delivering impact in local communities."
He added: "In our most recent financial year, 34.6 per cent of lending was invested in the UK's most disadvantaged areas, aligning with the British Business Bank's mission to improve access to finance for underserved entrepreneurs."
Expanding Access to Finance
With the accreditation of BCRS Business Loans, a total of £102 million has now been allocated to community development finance institutions under the British Business Bank programme. Reinald de Monchy, chief banking officer at the British Business Bank, commented: "We're very pleased to welcome BCRS Business Loans as the sixth lender to the Community ENABLE Funding programme. Its commitment to supporting small businesses across the West Midlands and Wales aligns perfectly with our remit to widen access to finance across the UK's nations and regions."
He continued: "Through collaboration, we can help more entrepreneurs invest, grow, and create jobs in the communities they serve, supporting businesses that are the backbone of local economies. We look forward to seeing the positive impact BCRS will deliver for businesses across these regions."
Sector Development and Future Goals
BCRS Business Loans is a member of the UK Community Finance Partnership Taskforce, launched in February to scale the community development finance institution sector through partnerships with banks. A key objective of the Community ENABLE Funding programme is to develop the entire sector, enabling more businesses to access necessary finance.
The programme increases funding availability to social impact small business lenders, thereby supporting smaller businesses in local communities. It is designed to provide a significant boost to the sector, facilitating up to £150 million in lending over its first two years.
