BCRS named as partner for extended Recovery Loan Scheme

BCRS will deliver loans between £25,001 and £150,000 via the government-backed scheme to help businesses faced with increasing financial pressures.

Administered on behalf of the government by the British Business Bank and delivered through accredited delivery partners, RLS funding can be used for any legitimate business purpose, including to manage cashflow and facilitate investment and growth.

Since the loan scheme was launched, BCRS Business Loans has delivered over £6million to businesses facing increased pressures on company finances. In total, 87 businesses have been supported by BCRS through RLS backing.

Originally set up in April 2021 to help businesses recover from the Covid-19 pandemic, last month Business Secretary Kwasi Kwarteng announced the RLS would be extended for a further two years to help businesses grappling with cost pressures.

Stephen Deakin, chief executive of BCRS Business Loans, said: “We are delighted to have been accredited as a delivery partner for the new iteration of the Recovery Loan Scheme (RLS) and to be working with the British Business Bank once again to ensure that no viable business is left unsupported while they face the current increased cost pressures.

“The new iteration of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to small businesses across our region, while stimulating local communities, creating jobs and driving economic growth in the UK.

“Everyone at BCRS continues to be impressed by the resilience of our region’s small business community despite the recent challenges. BCRS has a highly experienced and knowledgeable team and we are committed to doing all we possibly can to support companies, so please contact us or submit an online loan application form to kickstart your growth and recovery plans.”