Business loan fund launches in Sandwell
A £1m business loan fund has been created for businesses in the Black Country. Following the launch of the Sandwell Business Loan Fund (SBLF) in 2009, a new pot of investment has been introduced to assist businesses in the region.
SBLF is managed by Black Country Reinvestment Society (BCRS) in conjunction with Sandwell Metropolitan Borough Council.
The fund was introduced two years ago as a £750,000 fund for Sandwell-based businesses which had trouble accessing finance from banks.
Since the scheme was launched, the SBLF has helped 19 small businesses with an average loan amount of £22,000. Loans of between £10,000 and £50,000 are available to local viable Sandwell based businesses.
Paul Kalinauckas, chief executive of BCRS, said; “We’ve proved the success of the Sandwell Business Loan Fund and are now extending it by another £1m. It’s a good example of collaboration between a local authority and a cooperative loan fund that ensures that local businesses can access finance to service orders and to grow their businesses when they can’t get it from the banks.
“Sandwell were the first to commit to this model and following its success we hope that the other Black Country authorities will follow soon. Walsall Council is coming on board imminently and we hope that Dudley and Wolverhampton local authorities will follow suit soon.”
