9 February 2011
Wolverhampton based small business loans company BCRS has been commended in a House of Commons debate. Gavin Williamson, Conservative MP for South Staffordshire, commended that the financial institution be rolled out across the UK. He made the point at a Business Innovation and Skills (BIS) debate on 2nd February, where he urged fellow MPs to “be bold, to free industry from the shackles of Government.”
Mr Williamson said; “Opposition Members sometimes seem not to accept the fact that businesses do not always want to be involved in the intricacies of Government. Businesses want the freedom to get on, but they need help with financing. There is a real squeeze for many small and medium-sized businesses in getting the finance that they need.
“The Black Country Reinvestment Society (BCRS) helps many SMEs in my constituency and much of the Black Country, including new businesses. It uses small amounts of capital to give those businesses the opportunity to grow and expand. I encourage Ministers to look at the model to see how it can be expanded across the country.”
Mr Williamson went on to state that 4.3 million people were employed in manufacturing in 1997, but only 2.5 million were employed in 2010. He described this as a “catastrophic decline” and that a revival of all manufacturing was needed across the country. He also welcomed the Government’s move to introduce the enterprise allowance, to encourage the unemployed to create new jobs and to “seize the opportunity to create wealth”.
Paul Kalinauckas, chief executive of BCRS, said “It is vitally important that that BCRS is now being recognised as a robust financial model for the UK and I’m delighted that our model is being commended in the House. It is crucial that businesses have access to a line of credit to embrace new opportunities and to service orders. BCRS is a new style of business finance based on a co-operative model that makes sense, works and can be replicated across the UK as we upscale.”
Notes to Editor
BCRS Small Business Loans is the new name for Black Country Reinvestment Society
BCRS is a co-operative run on a non profit distributing basis. Established in 2002, it is committed to helping businesses in the Black Country and Staffordshire.Copies of the BCRS Quarterly Lending Conditions Outlook can be downloaded from their website www.bcrs.org.uk
BCRS receives funding from Advantage West Midlands and the European Regional Development Fund
BCRS is a founder member of the Fair Finance Consortium of “not for profit” lenders in the West Midlands www.fair-finance.net , a Charter member of the National Trade Association the CDFA (Community Development Finance Association) www.cdfa.org.uk
BCRS manages the Sandwell Business Loan Fund, a £750,000 fund available until 2012 in collaboration with Sandwell Metropolitan Borough Council. Loans of between £10k and £50k are available to Sandwell based viable businesses that are experiencing difficulty accessing funds from more traditional sources.
BCRS has teamed up with Staffordshire County Council to create the Staffordshire Business Support Fund (SBSF). The £1m fund, managed by BCRS, is available to small businesses based in Staffordshire who are eligible for loans of up to £50,000.
BCRS employs a staff of eight at its HQ at Wolverhampton Science Park, WV10 9RU.
To interview Paul Kalinauckas, CEO of BCRS T:0845 313 8410 [email protected] www.bcrs.org.uk
Or:
T: Kate Copestake, Director Copestake LtdPublic Relations and Business Communications for BCRS
01902 750578 0781 744 3745
[email protected]
www.Copestake-Ltd.com