The West Midlands has a heritage in manufacturing and services, and the region's modern day SMEs continue its traditions with a focus on exporting. It’s the only UK region to ship the majority of its products and services to China.
Businesses in Shropshire, Herefordshire and Worcestershire, Coventry and Warwickshire, Birmingham, the Black Country and Staffordshire also focus on sectors like advanced engineering, ICT, the creative industry, healthcare, agriculture, construction and professional services.
West Midlands Business Loans
There's a great diversity in SMEs springing up all over the West Midlands, and there’s a great choice of funding options to help them grow. To help your search for business finance, here are some great lending opportunities to get started with:
Fleximize – This is an innovative small business lender, offering flexible business loans between £5,000 and £500,000 for limited companies, LLPs and non-limited partnerships with four or more partners. Sole traders or non-limited partnerships with less than four partners can apply for a loan of over £25,000. Fleximize offers a suite of funding options, designed to fit your business' unique needs. The swift decision-making process helps SME owners get on with building their business, with money often deposited within 48 hours of submitting a quick online application.
Tooling Fund – This is a specialist funding programme for toolmakers and component manufacturers to get support in designing, developments and production of tooling, or expansion of tooling capacity. Loans range between £50,000 and £1 million, but applications for larger amounts may also be considered. Businesses need to show that they’ve had problems finding funding elsewhere and they’re creating new jobs, among other criteria.
CWRT – SMEs in Coventry and Warwickshire can benefit from regional business loans from this not-for-profit organisation if they've been declined for traditional bank funding. Startups and growing enterprises can apply for loans between £1,000 and £75,000.
BRC Business Loans – If your startup or established SME needs a business loan between £10,000 and £150,000 this local funding provider could help. The loans are designed for the needs of West Midlands-based businesses, which can’t access financing from mainstream funders like high street banks. Loans are for companies making a positive social, environmental or economic contribution to the region.
Small Business Loan Funds – Together, Impetus Business Loans and local councils (Worcestershire County, Worcester City, Shropshire and Telford & Wrekin) are providing small business funding. Amounts vary for each scheme, so look at each one carefully.
EV Group – Whether you need money to top up a bank loan or you need 100% funding, EV Group provides business financing between £15,000 and £1 million.
Impetus – Responsible finance provider, Impetus, provides loans to businesses in Herefordshire, Worcestershire, Gloucestershire, Shropshire, and Telford & Wrekin. Loans up to £10,000 are up for grabs for businesses only with a short trading history of a maximum of 18 months). Other schemes include the Worcestershire Small Business Loan Fund, which awards up to £2 million every year.
BCRS – If you run a business in the West Midlands and need to borrow money for working capital, starting up, hiring staff and other activities, you can apply for loans between £10,000 and £150,000, to help the regional business community. However, if you're looking for a short-term business loan of a few thousand, you'll need to look for an alternative provider.
West Midlands and Liverpool City Region Programme (WMLCR) – Loans and grants are on offer until June 2016 to support the development of automative and aerospace supply chains in the Black Country, Coventry and Warwickshire, Greater Birmingham and Solihull, and Liverpool City Region. SMEs can use the money to buy capital equipment, and to fund working capital, R&D and skills development.
RGF Mezzanine Loan Fund – Small and medium-sized enterprises based in the West Midlands, which have been trading for at least 2 years, can apply for loans to help create and safeguard jobs. Funding from £250,000 to £2 million is available.
ART Business Loans – Business loans for any purpose are on offer for SMEs and social enterprises in the West Midlands. Money ranging from £10,000 and £150,000 is to help create new employment and safeguard existing jobs.
Apply for funding today
Fleximize has lots of lending experience and understands how small businesses operate, and why they need flexible funding.
Or apply for a Fleximize small business loan application today – just click on the Apply Now button.