Community lending specialist BCRS Business Loans provided debt funding of £10m in its last financial year to support the growth of SMEs across Wales and the West Midlands.
Midlands-based BCRS Business Loans, which provides funding to firms unable to access finance from traditional sources, provided £9.9m in funding to 124 businesses during its 2024-25 financial year - representing a 68% increase in the number of SMEs supported compared to the previous year.
It said the increase in loan deals of 50 on the previous year highlights the increasing demand for responsible lending among SMEs who struggle to secure funding through mainstream banking channels.
It added that its lending activities safeguarded 889 jobs and helped to create 317 new jobs, while adding £51.2m to the economy of Wales, the West Midlands and the surrounding region.
In Wales, where BCRS manages the small debt element of the British Business Bank’s £130m Wales Investment Fund, it lent £1.3m to 21 firms. BCRS said this helped to create 65 new jobs with a further 100 safeguarded. It added that its lending created an economic impact of £7.88m in Wales.
One Welsh firm that secured lending was Wrexham-based self-storage business, Wynnstay Self Storage. BCRS provided a £40,000 loan to develop a large part of a two acre land into a self-storage site. Owner Matt Pritchard said the land now houses 60 storage units, along with plots for 80 caravans and motor homes.
Mr Pritchard said:“I own the land so deciding to put it to good use made a lot of business sense. I contacted BCRS to see if they could provide the finance to allow me to put in the infrastructure to house the containers, whilst also purchasing the storage units themselves. After securing the finance I purchased ten additional units and am pleased to say that we have been operating at full capacity since.
“The site is full and we have further space to develop so this is part of the next growth stage for the business. I know the demand is there as we have a mix of short and long-term customers, and if a space becomes available, it’s taken within a week.
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“To see the land more efficiently utilised is pleasing and I’m thrilled to see how this finance has quite literally opened doors to customers. I’m looking forward to seeing what the next chapter brings.”
BCRS Business Loans chief executive Stephen Deakin said: “We are thrilled with last year’s performance, which demonstrates our commitment to supporting businesses when they need it the most. We have been able to substantially increase our lending activity which has resulted in jobs protected, new roles created, and millions added to the regional economy.”