Lender crosses £ 2.5million milestone | TheBusinessDesk.com
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A West Midlands-based alternative commercial lender has passed the Â£ 2.5million mark for the Recovery Loan Scheme (RLS).
BCRS Business Loans announced that it has now paid more than Â£ 2.5million to 37 West Midlands businesses via RLS.
The Recovery Loan Scheme, administered on behalf of the government by the British Business Bank and issued by accredited delivery partners, is designed to support the growth and recovery of businesses that have been affected by Covid-19.
Funding provided by BCRS Business Loans has also helped protect over 400 jobs and create 145 additional jobs.
Stephen Deakin, Managing Director of BCRS Business Loans, said: âWe are delighted to have taken this step for the Recovery Loan Scheme (RLS) and are very proud to be an Accredited Delivery Partner.
âWe understand that small businesses are the backbone of our economy and therefore we are committed to providing the financing necessary to support their growth and recovery from the pandemic.
âAs a nonprofit lender, we are able to take a people approach to lending, where we base our decisions on the strength of the business itself rather than on computerized credit scores.
âWe are proud to have supported businesses that have not had access to financing from traditional lenders for over 19 years. The milestone follows last year’s record lending, in which Â£ 13.3million was paid during the pandemic through the now closed Coronavirus Business Interruption Loan (CBILS) program. “