BCRS Business Loans has provided £5.2m in funding through the Midlands Engine Investment Fund II since the fund launched in February 2024.
The Wolverhampton-based lender said the funding has supported 82 businesses across the Midlands and generated £27.5m in economic impact. BCRS Business Loans added that 21% of loans had gone to ethnic-led businesses, while 15% were provided to female-led firms.
One business to benefit from the funding was Ace Embroidery, which used the finance to relocate to a larger and more energy-efficient warehouse facility in Cradley Heath, Sandwell.
Mathew Smart, managing director at Ace Embroidery, said: “Moving to the new site has enabled us to focus better on what we offer and restructure and reset the business. It will help us to modernise operations, take on new customers and expand into new markets.
“The new warehouse has a better location, size and layout. Having one level and a mezzanine floor makes it far easier to manage jobs and communicate with the team.
“The site also has better staff facilities and is more energy efficient, which has helped us to cut down on running costs.
“Working with BCRS to get the funding was super easy, and Business Development Manager Lynn Wyke was very helpful throughout the process.”
Stephen Deakin, chief executive at BCRS Business Loans, said: “The team at BCRS Business Loans are pleased to reach the £5m landmark as we build on our strong heritage of delivering British Business Bank funds to ensure no viable business goes unsupported.
“Helping small businesses to secure funding to start up, scale up and stay ahead is central to our work, so we are delighted to distribute loans on behalf of the Midlands Engine Investment Fund II to support our economic future, especially in regions and among social groups where the funds are needed most.”
The Midlands Engine Investment Fund II provides debt finance from £25,000 to £2m and equity investment of up to £5m to support SMEs across the Midlands.
