£2m in small business loans delivered to West Midlands firms

BCRS Business Loans has passed another landmark by agreeing to more than £2 million in small business loans through British Business Bank’s Midlands Engine Investment Fund II.

In total, 35 small businesses across the West Midlands have benefitted from agreements made with the team at Wolverhampton-based BCRS Business Loans since the fund launched in February 2024, bringing an economic impact of £14.7 million to the region.

Overall, 330 jobs have been created and a further 107 roles have been safeguarded through this financial support.

The £400 million Midlands Engine Investment Fund II covers the whole of the Midlands, providing debt finance from £25,000 to £2 million and equity investment up to £5 million to help small and medium sized businesses in the region to start up, scale up or stay ahead.

BCRS Business Loans is delivering smaller loans in the West Midlands from £25,000 to £100,000, with Frontier Development Capital offering debt finance from £100,000 to £2 million and Mercia Ventures delivering equity investment up to £5 million.

The £2 million landmark for Midlands Engine Investment Fund II comes on the back of 250 small businesses receiving support secured through BCRS Business Loans in the first Midlands Engine Investment Fund, launched in 2017.

In total, since launching in 2002 BCRS Business Loans has lent more than £95 million which has contributed to the creation of over 3000 jobs across the West Midlands.

Stephen Deakin, chief executive at BCRS Business Loans, said: “Helping small businesses to secure funding to start up, scale up and stay ahead is central to our work, so to have already distributed £2 million in loans in less than a year shows the positive difference which Midlands Engine Investment Fund II can make in supporting our economy.

“Our fund managers are working with our network of introducers and advisers to help business owners from a wide range of sectors to secure funding.”

British Business Bank’s senior investment manager Beth Bannister added: “Smaller enterprises in the Midlands play an integral part in the region’s economy, with many having significant growth potential, so it is good to see how the fund has helped realise their ambitions and reach the next level.”

To find out more about the Midlands Engine Investment Fund II and apply for funding through regional fund manager partners, please visit the website.

For more information on BCRS, go to the website.

Pictured (L-R): David Malpass, Neil Johnston, Angie Preece, James Pittendreigh, Mark Savill and Tony Wood, of BCRS Business Loans