The MEIF is delivered by the British Business Bank and works with West Midlands LEPs through appointed fund managers as it looks to transform the financial landscape for SMEs in the region.

BCRS Business Loans is the fund manager for MEIF’s small business loans fund and is the point of contact for any West Midlands-based business looking to secure a small business loan.

Paul Kalinauckas, chief executive at BCRS Business Loans, said it was delighted to have reached the milestone and was proud to work on the MEIF project with the British Business Bank.

“We are committed to providing a relationship-based approach to lending, meeting customers in their business premises across the West Midlands.

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“Not only this, but we understand that business owners are looking for a quick turnaround on their loan application, so that they can focus on their growth plans.

“Ultimately, we believe that no viable business should go unsupported.”

The announcement comes after BCRS Business Loans secured a £7.5m funding line from the Community Investment Enterprise Facility (CIEF).

Grant Peggie, director at the British Business Bank, said it was great to see BCRS reach the milestone.

“There are some great examples here of smaller businesses accessing the finance they need to expand, supporting job creation and growth across the West Midlands.

“We look forward to seeing more businesses benefit from this fund and would encourage any Midlands SMEs looking to grow to explore the funding available from MEIF.”