Posted on Tuesday 1st October 2024
A loan scheme designed to kick-start growth for businesses across Staffordshire and Stoke-on-Trent has been extended.
The Staffordshire and Stoke-on-Trent Business Loan Fund has affordable, unsecured loans from £10,000 to £50,000 available to support enterprise in the local area.
Operated by BCRS Business Loans, in partnership with Staffordshire County Council and Stoke-on-Trent City Council, the programme will now run until March 2026.
The fund has already supported almost 400 SMEs in Staffordshire and Stoke-on-Trent, with £15 million of loans allocated to date, and is of particular interest to those who have been turned down by traditional lenders.
BCRS and the county council are particularly keen to see businesses from rural areas apply in the extension period, to give them the opportunity to catch-up with growing businesses in other areas of the county.
Staffordshire County Council’s deputy leader and cabinet member for economy and skills Philip White said:
Our business loan fund is part of the county council’s comprehensive support package for start-ups and small and medium-sized companies across Staffordshire.
It has been tremendously successful and made a real difference to businesses looking to grow their operations, helping to boost our local economy and generate employment opportunities.
The fund is available to entrepreneurs and organisations wanting to take their business to the next level with the help of an affordable, unsecured loan. We look forward to seeing more businesses go from strength to strength as a result of the fund’s extension.”
Leader of Stoke-on-Trent City Council Jane Ashworth said:
Stoke-on-Trent is full of passionate individuals who run some really unique and exciting businesses, and we welcome any scheme which enables these organisations to grow and thrive. It is important to support our small businesses and empower the people behind them to make important decisions which will enable them to take that next step towards growing their business, helping to boost our local economy and create new jobs.”
Applying doesn’t affect personal credit scores and the process is straightforward, with support from a dedicated lending manager throughout. There are no early repayment fees and loans can cover a variety of purposes, including employing new staff, growth capital, the expansion of premises, purchasing stock, taking on new contracts, marketing and advertising and diversification.
BCRS Business Loans was established in 2002 as a non-profit, distributing lender, focused on supporting the growth of SMEs with a dedicated business loan fund.
Stephen Deakin, Chief Executive of BCRS Business Loans, added:
Our loan funds have been designed to meet the needs of businesses making a positive contribution to social and economic well-being, but who are unable to access finance from traditional sources, such as banks.
As a non-profit organisation, we take a story-based approach to business finance and base our decision on the individual and their business
We’d urge business leaders in Staffordshire to contact us to find out if their business is in an area eligible for support, to see how we can help them take the next step in their growth journey.”
To find out more about the BCRS Loan programme and to check the locations in the local area meeting the criteria for allocation, people can visit www.bcrs.org.uk