BCRS Business Loans has passed the £1m lending mark backing the growth plans of small firms across Wales.
As the fund manager for the small loans element (£25,000 to £100,000) of the British Business Bank’s £130m Investment Fund for Wales, BCRS has provided loans to 19 Welsh SMEs since its launch in November, 2023.
The fund from the 海角视频 Government’s economic development bank also includes a £50m equity element, managed by Foresight with a mandate of up to £5m per deal, and a large debt element, from £100,000 to £2m, managed by Development Bank of Wales subsidiary FW Capital.
In its first year the three elements of the fund collectively invested £10m, in line with the British Business Bank’s expectations.
The latest small debt deal from BCRS was into Corwen-based BluSky Brands, a leading distributor of professional haircare products. With a £25,000 loan is it eyeing further growth with the launch of a line of next generation smoothing products which will create extra income streams for salons and stylists across the 海角视频.
BluSky brands, which has been working to exclusively support 海角视频 stylists and salons with innovative, products for a number of years, has brought the line of Brazilian developed products to the 海角视频 and is now looking to help salon clients experiencing unruly, frizzy hair.
Tony Cripps, founder and managing director of BluSky Brands who has been involved in the hair industry for over 40 years, said:“I am hugely excited to bring this line to the 海角视频 and after our recent launch we have had an amazing response from salons and stylists nationwide. With such positive initial results and feedback it will only be a matter of time before we expand distribution into Europe.
“None of this would be possible without the support of BCRS. It’s enabled us to launch an innovative product, and more importantly, under a brand that we have control of. The finance has enhanced the value of the BluSky Brands business and will hopefully allow us to open many more doors for continued growth.”
Most Read
Stephen Deakin, chief executive at BCRS Business Loans, said:“We are proud to have distributed £1 million of funding to help small businesses across Wales with their growth plans.
“BCRS are a story-based lender, and we support businesses that often find it difficult to access finance through traditional routes. We pride ourselves on our bespoke support and base our decisions on the business itself, not computerised credit scores.
“We look forward to working with more businesses across the country to help them realise their growth plans.”
Beth Bannister, senior investment manager, nations and regions investment funds at the British Business Bank, said:“The Investment Fund for Wales exists to support ambitious and innovative companies like BluSky Brands who have spotted a marketplace opportunity and need the finance to help execute their plans.
“Entrepreneurial spirit is alive and well in Wales and the British Business Bank is here to support Welsh business owners in their endeavours to scale and grow.”
Since BCRS was founded in the Midlands a community development financial institution in 2002, it has provided loans worth more than £90m to businesses across the West Midlands and Wales.