After delivering loans to the value of over £4.5m in 2014, BCRS Business Loans set an ambitious target of 33% growth for 2015 as the not-for-profit lender pledged to support even more West Midlands based businesses that are unable to secure finance from traditional lenders.
Bolstered by an increased loan threshold to £150,000, a larger team and an expansion of its geographical coverage, the firm hit that target early, delivering over 170 loans since the start of the year.
Paul Kalinauckas, Chief Executive of BCRS Business Loans, said: “This is a magnificent achievement for BCRS – not only did we reach our target, but beat it by a significant margin.
“The growth of BCRS Business Loans demonstrates that smaller businesses are still finding it difficult to secure finance from mainstream lenders. We believe in them and, if possible, step in to help bridge the lending gap to fuel the growth and prosperity of local SMEs.
“This is the most we have ever lent in one year, which is testament to both the incredible team we have at BCRS, who work tirelessly to deliver responsible finance, and also our personal, relationship-based approach to lending”, reflected Paul.
Since 2002, BCRS Business Loans has lent in excess of £27.4 million to help over 950 SMEs expand and develop their businesses – help that traditional lenders couldn’t provide.
The organisation is particularly proud of its contribution to improving the social and economic well-being of local communities. It is estimated that BCRS Business Loans generated an extra £60 million* in the West Midlands economy last year and, in the past 14 years, has helped to safeguard over 2700 jobs and create over 1800