A business loan fund to boost the local economy and create jobs has been launched by Wolverhampton City Council and city based Black Country Reinvestment Society (BCRS) Business Loans.

A total of £300,000 is available for lending to local companies who are having problems getting the funding they need from traditional sources.

Managed by BCRS, loans of between £10,000 and £50,000 will be made available to viable Wolverhampton based businesses already turned away by the mainstream lenders.

BCRS Chief Executive Paul Kalinauckas said: "This fund will certainly help Wolverhampton develop, grow and prosper. Small and medium sized companies in the Black Country are under the radar when it comes to access to finance so with this fund we want to address that problem.

"It is an exciting time and we are looking forward to providing local people with job opportunities and bringing wealth back into the community where it will inevitably stay and recycle within the Wolverhampton area."

Councillor Peter Bilson, Cabinet Member for Economic Regeneration and Prosperity, added: "We are delighted to be able to support this scheme which is very much in line with our focus on bringing new opportunities to Wolverhampton. We believe it will give a timely boost to the private sector which will ultimately lead to the renewal of wealth in the city and a positive impact on the wider economy. We hope our local small and medium sized businesses will take full advantage."

Any Wolverhampton based business can expect a fast response when they apply for a loan either by contacting 0845 313 8410 or going online at Type=links;Linkid=2289;Title=BCRS Business Loans;Target=_blank;

  • released: Friday 16 August, 2013