Since securing Regional Growth Fund (RGF) monies in 2012, the team has distributed £12m to support business growth.
Paul Kalinauckas, chief executive, said: “BCRS has always been a supportive voice for businesses in our region and has gone to great lengths to provide finance to those in the small business sector unable to access bank funding.
“We have been able to issue loans to over 358 businesses, which has collectively helped to generate an extra £119 million of benefit to the West Midlands economy. We are immensely proud to say that this loan fund has also had a significant impact on local employment. Since 2012, over 1,071 jobs have been safeguarded and 2,604 jobs have been created, six months ahead of target.”
This achievement comes on the back of a record-breaking year for BCRS Business Loans, which was established in 2002 to help bridge the increasing lending gap that many SMEs face when sourcing business finance.
“Thanks to a set of robust and responsible lending policies, BCRS has once again been able to meet the funding needs of many local businesses, and will continue to do so. Statistics also demonstrate what excellent value for money this was. With a cost per job of £5,732.26 for each one safeguarded and £2,357.91 for each one created, the cost of this project dwarfs the total amount generated in the economy as a whole,” concluded Paul.