Business loan provider backs charity lender supporting entrepreneurs

Loan provider BCRS Business Loans has given a £27,000 grant to Purple Shoots to support the growth of small businesses and help those starting their own companies.

Wolverhampton-based BCRS has backed community development finance institution Purple Shoots with an evergreen grant, which will not be required to be paid back.

Purple Shoots, a not-for-profit micro finance organisation and registered charity based in Pontypridd, South Wales, will use the funds to offer micro loans up to £5,000 to budding businesspeople to support their growth aspirations in the West Midlands and Wales.

Repayments made by businesses borrowing from Purple Shoots will not go back to BCRS but will be used to provide more loans.

The grant has been provided as part of a commitment by BCRS to support community development finance institutions.

Stephen Deakin, chief executive at BCRS Business Loans, which is a community development finance institution, said: “The funding we have provided to Purple Shoots allows us to increase our impact by supporting an organisation that provides incredibly important support in a different area of the market to us.

“Through its lending and self-support groups, Purple Shoots really changes people’s lives and as an impact-driven lender it made sense for us to provide this grant.

“As an organisation they do so much with relatively small amounts of funding, and it is a shame that they had to pause their lending for four months last year.

“I hope other lenders, organisations and individuals will follow our lead and provide financial support to Purple Shoots to support the life changing work they do.

“BCRS are a story-based lender, and, like Purple Shoots, we support businesses that often find it difficult to access finance through traditional routes.

“We know the positive impact micro loans can have to SME’s and entrepreneurs and hope that many will flourish as a result of the grant.”

Purple Shoots has been working to support entrepreneurs since 2013, helping them to secure finance when access to traditional funding streams seem difficult.

Purple Shoots is a registered charity tackling poverty, unemployment, financial exclusion and social isolation through inspiring and enabling entrepreneurship. It operates throughout Wales and in parts of England.

CEO Karen Davies said: “We are extremely grateful for the support from BCRS, and this funding will enable us to positively impact those businesses that need it.

“We have such a great demand for our lending and rely on grants like this to help us meet it. We are hopeful that other organisations will see the impact and will be inspired to follow BCRS’ lead!”

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Pictured from left to right: Karen Davies, of Purple Shoots, with BCRS CEO Stephen Deakin and Niki Haggerty-James