Loan provider BCRS Business Loans will be supporting the new £400m Midlands Engine Investment Fund II for small businesses at a British Business Bank roadshow event in Worcester.
The £400m Midlands Engine Investment Fund II was launched in February this year. The new fund covers the entire Midlands region and provides debt finance from £25,000 to £2m and equity investment up to £5m to help small and medium sized businesses to start up, scale up or stay ahead.
BCRS Business Loans, the Wolverhampton-based community development finance institution (CDFI), is one of the appointed fund managers for the Midlands Engine Investment Fund II. This latest event in the region-wide roadshow offers attendees the opportunity to hear directly from all fund managers on the funding options available to local growing businesses.
The event welcomes smaller businesses, business advisors, accountants, bankers, lawyers, the wider small business support ecosystem and public sector representatives from across the area interested in advancing the Midlands’ small business population. The event will be held at 10.00am on Tuesday 14 May at Worcestershire County Cricket Club.
BCRS Business Loans will deliver smaller loans from £25,000 to £100,000, with FDC (Frontier Development Capital) offering debt finance from £100,000 to £2 million and Mercia Ventures offering equity investment up to £5m.
The new fund aims to build on the success of the first Midlands Engine Investment Fund, worth £300m, which has already supported 739 smaller businesses since its launch in 2017.
BCRS Business Loans Chief Executive Stephen Deakin said: “We are pleased to be able to build on our positive impact in delivering British Business Bank funds across the West Midlands by promoting the opportunities for support from the Midlands Engine Investment Fund II. This roadshow event will help attendees understand the different funding options available.
“At BCRS we are clear that no viable business should go unsupported, so we are working with partners across the region to identify businesses who can benefit from the fund, many of whom are not eligible for mainstream banking support.
“The West Midlands has a proud history of supporting small businesses, which are recognised as the engine of the local economy, so MEIF II will ensure they thrive and grow, build jobs and skills opportunities and make a positive contribution to the region.”
BCRS Business Loans offers loans to SMEs across the West Midlands and Wales who are unable to access finance from traditional sources by providing secure loans from between £10,000 and £150,000 to support growth and recovery plans.
BCRS is also a delivery partner for the first £130 million Investment Fund for Wales, which launched in November, and the latest £62m Community Investment Enterprise Fund (CIEF), which aims to invest in 800 small businesses nationally.
Since BCRS Business Loans was founded in 2002, it has provided loans worth more than £85 million to businesses. A social impact report for the last financial year showed BCRS lent £6.5m to 72 businesses, safeguarding 999 jobs and creating 473 roles, adding £33.7m in value to the economy of the West Midlands and surrounding regions.
The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
