The lender will manage the small business loans fund in the West Midlands and oversee the delivery of £17m to SMEs in the area.

The funding will be available for a range of projects, including start-ups, working capital, expansion projects, leasing commercial premises and asset acquisitions.

Loans will be available from £25,000-150,000.

The Midlands Engine Investment Fund is operated by the British Business Bank and supported financially by the European Union using funding from the European Regional Development Fund.

It is also supported by the Department for Business, Energy and Industrial Strategy and 10 Local Enterprise Partnerships.

Paul Kalinauckas, chief executive of BCRS Business Loans, said “We are delighted to have won the competitive tender to deliver small business loans across the West Midlands for the Midlands Engine Investment Fund.

“BCRS Business Loans and the MEIF initiative have a shared passion of liberating small businesses that are unable to access finance from traditional lenders.

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“Not only do we believe in what our local SMEs do and meet their needs through a relationship-based approach to lending, but we also have an aim of leaving no viable business unsupported.

“With robust systems in place and an 18-strong team, we are well positioned to meet the targets of this initiative and support even more businesses.”

Patrick Magee, chief commercial officer at the British Business Bank, said: “The Midlands Engine Investment Fund will build relationships with the region’s diverse small business community through its appointed fund managers and its own relationship managers.

“MEIF will play a pivotal role in plugging the gaps currently present in the funding landscape, seeking to ensure that all businesses have access to the finance they need to grow. 

“BCRS will have an instrumental role in the successful allocation of the fund, and we’re looking forward to working with the team to mobilise fast-growth businesses across the region.”

Last week, BCRS was accredited to lend up to £4m under the government-backed Enterprise Finance Guarantee programme.