British Business Bank funding aims to widen access to finance for underserved small businesses
COMMUNITY LENDER BCRS Business Loans has been allocated £20 million by the British Business Bank to help support underserved small businesses across Wales and the West Midlands.
The not-for-profit lender has become the sixth organisation accredited under the British Business Bank’s Community ENABLE Funding programme, and is the first lender with a dedicated focus on Wales.
Operating since 2002, BCRS Business Loans will use the funding to offer loans ranging from £25,001 to £250,000, aimed at helping small firms that may struggle to access finance through traditional lenders.
BCRS also delivers loans on behalf of the British Business Bank through both the Midlands Engine Investment Fund and the Investment Fund for Wales.
The lender operates as a community development finance institution (CDFI), focusing on supporting small and medium-sized enterprises, particularly in deprived areas and among underrepresented social groups.
BCRS recently marked a major milestone, celebrating £100 million in total lending since its launch, which it says has generated £518 million in economic impact.
Chief Executive Stephen Deakin said the accreditation would strengthen the organisation’s ability to support businesses and create jobs.
“As a community development finance institution BCRS Business Loans is pleased to build upon our longstanding partnership with the British Business Bank to join the lenders accredited under the Community ENABLE Funding programme,” he said.
“This accreditation strengthens our support for businesses in those areas, giving them vital access to the finance they need to generate growth and create employment, delivering impact in their local communities.
“In our most recent financial year 34.6 per cent of lending was invested in the UK’s most disadvantaged areas, so we look forward to delivering on the British Business Bank’s wider mission to improve access to finance for underserved entrepreneurs.”
Following BCRS’s accreditation, the British Business Bank confirmed that £102 million has now been allocated to CDFIs through the programme.
Reinald de Monchy, Chief Banking Officer at the British Business Bank, welcomed BCRS into the scheme.
“We’re very pleased to welcome BCRS Business Loans as the sixth lender to the Community ENABLE Funding programme,” he said.
“Its commitment to supporting small businesses across the West Midlands and Wales aligns perfectly with our remit to widen access to finance across the UK’s Nations and regions.
“Through collaboration, we can help more entrepreneurs invest, grow and create jobs in the communities they serve for businesses that are the backbone of their local economies.”
BCRS Business Loans is also a member of the UK Community Finance Partnership Taskforce, which was launched in February to help expand the CDFI sector through partnerships with banks and funding bodies.
The Community ENABLE Funding programme is designed to increase the availability of funding to social impact lenders, with the aim of supporting up to £150 million of lending over its first two years.
