A NEW business loan fund has been introduced to support growing firms unable to access finance from traditional lenders.

The Worcestershire Business Loan Fund, which is set to deliver £2.2m to local SMEs over the next three years, was launched to more than 80 local professionals and business owners at a breakfast event. The initiative has been established by Worcestershire County Council and one of the region’s largest providers of business loans, BCRS Business Loans.

Offering loans from £10,000 to £50,000 the new business loan fund has been especially designed to meet the needs of the county's small and medium sized businesses that are viable but unable to access finance from traditional lenders, such as banks.

BCRS Business Loans chief executive, Paul Kalinauckas, said: "We are delighted to be able to offer this loan fund in conjunction with Worcestershire County Council. Our aim is to leave no viable business unsupported and this new initiative will enable us to increase our support for growing Worcestershire businesses. BCRS understand that getting business finance can sometimes be a problem. Lack of track record, unreasonable security arrangements or past financial problems may be hindering the process. The BCRS model is of an approachable lender that assesses each individual case on its own merits. We operate very much with a traditional lending ethos rather than impersonal computerised credit scoring.

“During the application process, our dedicated business development manager for Worcestershire Angie Preece will arrange a face-to-face meeting to understand the needs of each business and provide hands on support. BCRS has invested more than £31m plus in more than 1,000 SMEs across the West Midlands since it was established in 2002 and we look forward to serving the Worcestershire Business Community.”

Cllr Ken Pollock, cabinet member with responsibility for economy, skills and infrastructure added: "A strong and successful economy is key to the future success of the county because with this we will have a sustainable economy that will provide an income base for the services and investments we all want to see."

Any Worcestershire based businesses looking for access to finance can contact BCRS Business Loans through the fast-track online application facility at www.bcrs.org.uk or call 0345 313 8410.