A loan fund created exclusively to help Walsall businesses unable to obtain finance from banks has been officially launched by Walsall Council in conjunction with the Black Country Reinvestment Society (BCRS).
Ove r sixty local bankers, accountants, solicitors and business advisers met at Walsall Council House in Lichfield Street to hear about the new scheme.
In total, £300,000 is available for lending to companies who are having problems getting the funding they need from traditional sources.
The fund will be managed by BCRS and loans of between £10,000 and £50,000 will be made available, but only to viable Walsall businesses already turned away by main stream lenders.
Paul Kalinauckas, Chief Executive of BCRS, said: "This fund will certainly help Walsall develop, grow and prosper. Micro businesses 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.
“This is a great opportunity for small businesses to gain access to capital when they need it. BCRS will aim to give a quick response through our fast track online application facility at www.bcrs.org.uk.
“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 Walsall area.”
Councillor Adrian Andrews, Walsall Council deputy leader and cabinet member for regeneration, said that it was a key mission for the public sector to create and safeguard new jobs.
He said: “We are delighted to be able to support such a scheme. We are focused to bring opportunities to Walsall and I believe the private sector will lead to the renewal of wealth in local a reas and then ultimately the economy.
“This loan fund is all about providing Walsall’s business talent with the support it needs. I hope that the event helped make those who advise our local businesses aware of this opportunity for access to finance. They can then hopefully encourage more businesses to take up this very special Walsall offer."
Any Walsall business wishing to apply for a loan should contact BCRS on 0845 313 8410 or online at www.bcrs.org.uk