BCRS Business Loans delivers £13m to 154 SMEs through CIEF
The community lender has completed the distribution of its allocated CIEF funding.
BCRS Business Loans has delivered £13m in funding to more than 150 businesses across the West Midlands and Wales through the Community Investment Enterprise Fund (CIEF).
The community lender has completed the distribution of its allocated CIEF funding, which it said generated £67m in economic impact across the two regions.
Since March 2024, BCRS has provided CIEF loans of between £25,000 and £250,000 to small and medium-sized enterprises (SMEs) seeking finance for growth and recovery.
In the West Midlands, £11.1m was provided to 131 businesses, supporting the creation of 330 jobs and safeguarding a further 1,206 roles.
A further £1.9m was lent to 23 businesses in Wales, creating 117 jobs and safeguarding 264.
Across the 154 businesses supported, 25% of lending went to female-led businesses and 28% to ethnic minority-led businesses.
The £62m CIEF was funded by Lloyds and Better Society Capital, alongside contributions from participating community development finance institutions (CDFIs), and is managed by Social Investment Scotland.
The fund was established to provide finance to SMEs unable to access the funding they need from traditional sources.
Stephen Deakin, chief executive at BCRS Business Loans, said: “We are delighted that, in a relatively short period of time, this fund has positively impacted so many businesses across the West Midlands and Wales.
“The team at BCRS Business Loans is proud to have played their part in the growth journey of so many businesses, and hope that this funding has helped unlock their potential to enable continued growth.”
One business supported through the fund was Birmingham-based barbecue seasoning and sauce company Lumberjaxe, which secured £100,000 to fulfil a contract to supply 80,000 units to 1,050 Aldi stores.
Jaydon Manders, co-founder and director of Lumberjaxe, said: “BCRS Business Loans gave us the opportunity we needed to take our business to the next level.
“The funding they provided us with allowed us to fulfil our first major supermarket contract with Aldi. BCRS took the time to listen to our plans for the future, believed in our vision and we are grateful for their support.”
Chris Jamieson, head of investment partnerships at Social Investment Scotland, said: “CIEF has shown what’s possible when funders and CDFIs pool resources behind businesses that mainstream lenders overlook.
“Congratulations to BCRS on reaching so many businesses across the West Midlands and Wales.
“As fund manager, we’ve seen first-hand how that capital translates into real growth, from Lumberjaxe scaling into supermarket shelves to the many other small businesses BCRS has backed along the way.”
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