BCRS passes £2.5m milestone

A West Midlands based alternative business lender has surpassed a £2.5 million lending milestone for the Recovery Loan Scheme.

The team at BCRS Business Loans
The team at BCRS Business Loans

BCRS Business Loans has announced that it has now delivered more than £2.5m to 37 businesses in the West Midlands region via RLS.

The Recovery Loan Scheme, administered on behalf of the Government by the British Business Bank and delivered through accredited delivery partners, is designed to support the growth and recovery of businesses that have been impacted by Covid-19.

The funding delivered by BCRS Business Loans has also helped to protect over 400 jobs and create an additional 145 jobs.

Stephen Deakin, chief executive of BCRS Business Loans, said: "We are delighted to have achieved this milestone for the Recovery Loan Scheme (RLS) and are very proud to be an accredited delivery partner.

“We understand that small businesses are the backbone of our economy and we are therefore committed to delivering the funding required to support their growth and recovery following the pandemic.

“As a non-profit lender, we are able to take a human approach to lending, where we base our decisions on the strength of the business itself rather than computerised credit scores.

“We are proud to have been supporting businesses that are unable to access finance from traditional lenders for over 19 years. This milestone comes on the back of record-breaking lending last year, in which £13.3 million was delivered during the pandemic via the now-closed Coronavirus Business Interruption Loan Scheme.”

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

West Midlands businesses affected by the Covid-19 pandemic should visit www.bcrs.org.uk to discover more about RLS, check eligibility and submit an online application form.

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