A Burton-On-Trent-based debt recovery business is preparing to grow its workforce with five new job roles after securing a £100,000 funding package.
Maxima Creditor Resolutions, based in Blakenhall Park Bar Lane, Barton Under Needwood, secured funding from the Midlands Engine Investment Fund’s (MEIF) and Staffordshire & Stoke on Trent Business Loan Fund managed by BCRS Business Loans.
Funding will allow Maxima Creditor Resolutions to strengthen and expand its services as a startup business. The funding will create five additional jobs and support three existing roles which will enable Maxima to employ specialist legal support and take advantage of new market opportunities.
Established in October 2021 Maxima Creditor Resolutions are insolvency experts, specialising in the recovery of outstanding debts for creditors.
Mark Andrews Co-Founder of Maxima Creditor Resolutions, said:
“After securing funding from BCRS we will be able to use the fund to recruit an additional five people and secure the futures of three existing members of staff.
“The investment fund will allow us to recruit legal professionals together with administerial roles to support the infrastructure.
“The loan application process with BCRS was painless. Andrew from BCRS took the time to understand the business and what we were trying to achieve. It felt more like a partnership rather than just completing a single application form.”
Andrew Hustwit, head of business development at BCRS Business Loans, said:
“We are so pleased to have delivered the funding that Maxima Creditor Resolutions need via the MEIF WM Small Business Loan Fund and Staffordshire & Stoke on Trent Loan Fund in order to achieve their growth plans.
“As a lender that delivers funding for intentional social and economic impact, it is great news that five new jobs will be created by Maxima Creditor Resolutions.”
Grant Peggie, Director, at the British Business Bank, said:
“The MEIF aims to support the growth of SMEs of all sizes, as well as the expansion of the Midlands economy. The funding for Maxima Creditor Resolutions will support the company’s development, while also enabling the creation of new job roles in Staffordshire. Other start-ups in the Midlands with similar growth plans and ambitions are encouraged to consider MEIF funding as an option.”
Alun Rogers, chair, at the Stoke-on-Trent and Staffordshire LEP, said:
“From our recent Situation Report (SITREP) and accompanying survey with insights from almost 800 local businesses we know that accessing finance and financial advice was the main area businesses highlighted that additional support was required in the year ahead.
“Working in partnership with the Midlands Engine Investment Fund we can deliver the finance needed which is key in helping businesses in the region like Maxima Creditor Resolutions recover and grow.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
Businesses in the West Midlands region that are struggling to access finance from traditional lenders can secure loans from £10,000 to £150,000 from BCRS Business Loans to support growth and recovery plans. BCRS is a delivery partner for the Recovery Loan Scheme
