BCRS Business Loans has passed a milestone by providing more than £1 million of funding to help small businesses across Wales.
As administrator of the smallest loan fund (£25,000 to £100,000) for the British business bankWith the £130 million Investment Fund for Wales, BCRS is celebrating the milestone of supporting the growth of 19 SMEs across the country in just under a year.
The Investment Fund for Wales, launched by the British business bank by the end of 2023, operates across Wales and includes a range of funding options with loans from £25,000 to £2 million and equity investments of up to £5 million to help small and medium-sized businesses start, scale or sustain at the forefront. .
Corwen-based BluSky Brands, a leading distributor of professional hair care products, is the latest company to benefit after securing a £25,000 funding package from BCRS. It now foresees further growth with the launch of a line of next-generation smoothing products that will create additional revenue streams for salons and stylists across the UK.
BluSky brands, who have been working exclusively to support UK stylists and salons with innovative and high-quality products for several years, have brought the line of products developed in Brazil to the UK and are now looking to help customers from salons experiencing unruly and frizzy hair. hair. The line of 13 products is marketed under the name ‘Brazilian Nano’ and its launch into the UK market was made possible after BluSky Brands received funding, which has been used to cover product and marketing costs.
Tony Cripps, founder and CEO of BluSky Brands, who has been involved in the hair industry for over 40 years, explains:
“I have vast experience in the industry and quickly realized that this product line is truly innovative, so when I had the opportunity to initially bring them to the UK and then to Europe, I knew I needed to explore all avenues, before that someone did.”
That’s when Tony was introduced to BCRS Business Loans through the accounting firm Haines Watts.
“We know this line is the next generation in helping people with frizzy, unruly hair. Unlike many softening products on the market, this is a different technology that really has a lasting impact.
“I am so excited to be bringing this range to the UK and following our recent launch we have had an incredible response from salons and stylists across the country. With such positive initial results and feedback, it will only be a matter of time before we expand distribution to Europe.
“None of this would be possible without the support of BCRS. It has allowed us to launch an innovative product and, more importantly, under a brand that we have control over.
“The financing has enhanced the value of BluSky Brands’ business and will hopefully allow us to open many more doors for continued growth.”
Stephen Deakin, CEO of BCRS Business Loans, said:
“We are proud to have distributed £1 million of funding to help small businesses in Wales with their growth plans.
“BCRS is a story-based lender and we support businesses that often struggle to access finance through traditional routes. We pride ourselves on our personalized support and base our decisions on the business itself, not computerized credit scores.
“We look forward to working with more businesses across the country to help them realize their growth plans.”
Beth Bannister, Senior Investment Manager, Global Nation and Region Investment Funds British business banksaying:
“The Wales Investment Fund exists to support ambitious and innovative companies like BluSky Brands that have identified a market opportunity and need funding to help deliver their plans.
“The entrepreneurial spirit is alive and well in Wales and the rest of the world. British business bank is here to support Welsh business owners in their efforts to scale and grow.”
The Investment Fund for Wales helps increase the supply and diversity of seed funding by offering options to smaller businesses that would not otherwise receive investment. The funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development and capital assets.
Having worked with SMEs unable to access finance from traditional sources in the West Midlands since 2002, BCRS Business Loans has expanded into Wales to help smaller businesses thrive and prosper thanks to the fund, which was officially launched in Cardiff last November.
Since BCRS was founded as a community development financial institution in 2002, it has provided loans worth more than £90 million to businesses across the West Midlands and Wales. A social impact report for the last financial year showed the BCRS lent £5.8 million to 72 businesses, safeguarding 675 jobs and creating 186 positions, adding £29.9 million of value to the economy of the West Midlands, the regions surrounding areas and Wales.
For more information and to apply for financing, visit: www.bcrs.org.uk