New loan scheme launched for Wolverhampton shopkeepers
A new loan fund for Wolverhampton's independent shop owners is being launched following the success of the WIRE Awards.
The second annual Wolverhampton Independent Retailer Excellence (WIRE) awards earlier this month saw the city celebrate the quality and diversity of its retail sector – from shops and hair salons to restaurants, cafes and pubs.
And it has inspired a new loan fund that is being set up by city-based BCRS Business Loans to help independent retailers access the finance they need to expand their businesses.
Based on the city's science park, BRCS was set up in 2002 as a non-profit co-operative business loan fund committed to lending to businesses in the West Midlands that had been turned down by banks.
Since then it has expanded to set up funds in Dudley, Staffordshire, Stoke on Trent, Telford & Wrekin and Worcestershire.
Now it has struck a deal with Wolverhampton council and the Wolverhampton Business Improvement District (BID) to provide loans of up to £10,000 for local firms who are struggling to raise funding from banks or other mainstream lenders.
The Leader of City of Wolverhampton Council, Councillor Roger Lawrence, said: “As a result of the WIRE awards and the involvement of BCRS Business Loans as a significant sponsor for the two years that the awards have been running, we are pleased to announce the new Wolverhampton Independent Retail Loan Fund (WIRLF).
“This loan fund is being launched to help successful, growing retailers. BCRS Business Loans will be delivering the loan fund in partnership with the City of Wolverhampton Council and Wolverhampton BID."
The city council's economy chief, Councillor John Reynolds, added: “This further supports the council’s recent announcement to further develop its plan and strategic vision by establishing a city centre commission.”
Paul Kalinauckas, chief executive of BCRS Business Loans, said: “The Wolverhampton Independent Retail Loan Fund is open for business for local retailers who need to invest in growth.”
“Loans from £1,000 to £10,000 are available for viable retail businesses in the Wolverhampton area that are struggling to access finance from traditional lenders.
“This is a special loan fund which we have set up just for them. BCRS Business Loans has a successful track record of supporting small businesses and we believe that no viable business should go unsupported."
Any retail businesses interested in hearing more about this loan fund should send an email to WIRLF@bcrs.org.uk for an application form.
BRS is backed by funding from the European Regional Development Fund and Regional Growth Fund and has been allocated more than £12 million from the Community Development Finance Association to lend across the West Midlands.