Stone small businesses looking for access to finance to enable them to grow are being urged to find out more about a loan fund run by the county council with a £500,000 allocation available.
The Staffordshire Business Loan Fund’s latest allocation for county businesses will be open until November. Loans of between £10,000 and £50,000 are available to eligible businesses which have struggled to access finance through mainstream lenders.
The fund is run in conjunction with BCRS Business Loans and since it started in 2009 has benefited 176 businesses and created and protected 1,155 jobs.
One recipient is Stafford-based Rawnsley Horsebox & Trailers Ltd, trading as Equi-Trek Stafford. The company is a dealer of horseboxes and trailers whose managing director Richard Rawnsley MBE approached the loan fund after being unable to access finance from a traditional lender.
Richard said: “I needed a business loan to purchase additional stock, renovate a workshop and employ additional staff members. This has subsequently enabled us to record a jump in sales and expand the business. When I approached the Staffordshire Business Loan Fund, I found the process to be quick and straightforward with a very supportive team.”
Staffordshire County Council’s economic growth leader Mark Winnington said: “Small businesses play a vital part in Staffordshire’s ongoing economic growth and we are seeing more and more innovative companies expanding and employing more people.
“The fund has been a huge success in Staffordshire and the results speak for themselves. It has achieved exactly what we wanted it to – enabling businesses to grow by overcoming access to finance issues. Small companies are however still facing difficulties in accessing funding despite having strong business cases.
“Now we’re urging more Staffordshire small businesses facing similar barriers to expansion to get in touch – an allocation from the £500,000 pot could make a big difference to their growth.
“We look forward to continuing to work with BCRS. It has been a strong and effective partnership which will continue to support business growth and create or safeguard jobs in Staffordshire.”
Paul Kalinauckas, the chief executive of BCRS Business Loans, said: “The loan fund has a successful track record of promoting the growth and prosperity of local businesses. Over £700,000 has already been delivered to businesses during the current initiative, which has helped create and safeguard over 100 jobs.
“This is an exciting opportunity for local businesses that have their sights set on expansion.”
“We believe in small businesses; they are at the heart of what we do. We invest in most market sectors – right from manufacturing companies to IT providers and anything in between. Submit a quick and simple enquiry form on our website to discover if you are eligible for a business loan.”