Staffordshire small business fund keeps 1,000 in jobs
A loan fund for small businesses in Staffordshire has helped to create or safeguard more than 1,000 jobs since being set up by the county council in 2009.
The Staffordshire Business Loans Fund, which is run by Staffordshire County Council and managed by BCRS Business Loans, has developed 165 loans worth £4.25 million.
It is part financed by the European Regional Development Fund and loans of £10,000 to £50,000 are made available to businesses that are unable to secure finance from mainstream lenders.
In 2013, the fund was extended to cover the whole of the local enterprise partnership area, which includes Stoke-on-Trent.
Since its creation, the fund has created or safeguarded 1,079 jobs.
These include 25 positions at Stafford-based façade engineering business Lordswood Architectural Ltd, set up in 2012.
The business was formed when entrepreneur Dee Benning decided to fulfil his long-term ambition of running his own business after being made redundant from a company operating in the same sector.
Specialises
Lordswood Architectural, based in Beaconside, specialises in facades for commercial, residential and domestic buildings.
It has won major contracts across the country.
The company's success has resulted in a workforce of over 25 people, allowing for an in-house team of designers and project managers.
Mr Benning said: "During the period of intense uncertainty that comes with redundancy, when many would be feeling pessimistic about the future, I saw this as an opportunity.
"Unfortunately finance was my only barrier – in particular, my inability to secure it from lenders.
"I approached the fund to help me to establish the business and purchase a delivery vehicle.
"BCRS listened to my proposals and could see the potential in this business when others doubted me.
"My assigned loan officers came out to meet me personally and were helpful at every stage of the loan process. Quite simply, Lordswood wouldn't be where it is today without this support."
Staffordshire County Council's economy leader Mark Winnington said the loan fund was continuing to make a real difference to small businesses in Staffordshire and means more people are in employment. He added: "Lordswood's success demonstrates this further – it has done exceptionally well to build up its workforce in such a short space of time."
Businesses looking for support can visit www.bcrs.org.uk or call 0845 313 8410.
