<
p>A loan fund created to help businesses gain access to finance has had a £37 million impact on the local economy in the past five years.
The Staffordshire Business Loan Fund, which provides loans of between £10,000 and £50,000 to small local businesses, run by the county council and managed by BCRS Business Loans, was launched in 2009.
Staffordshire County Council’s economy leader, Mark Winnington, said that the fund has had a significant impact on small enterprises and the local economy with over £3,580,000 being lent to 134 businesses. As a knock-on effect this has created or protected 960 jobs.
“We are investing in jobs and growth – backing our smaller businesses which are vital to the county’s long-term economic success,” he said.
“We know that small businesses are still finding it difficult to access essential finance and so it is vitally important that we continue to raise the profile of the fund.
“In Staffordshire, we have the right package of support for our small businesses with our inward investment team ensuring we do all we can for larger companies. It means we are continuing to see our economy grow and more people be able to access better paid jobs.”
The loan scheme, which is financed by Staffordshire County Council and the European Regional Development, is managed by BCRS. Chief Executive, Paul Kalinaukas, said the combination of market knowledge and personal approach to the finance arena has seen the scheme increase its reputation as a route for access to finance.
“There is no great secret to our success,” he said.
“Whilst the past five years in the finance market have been challenging, we have continually offered a consultative and empathetic approach to the small businesses in Staffordshire.”
“We are people focused rather than profit focused and our customers and project partners really enjoy working with us”.
A loan fund created to help businesses gain access to finance has had a £37 million impact on the local economy in the past five years .
Leave a comment