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Burton-On-Trent Firm Secures £100k Growth Funding

A Burton-On-Trent-based debt recovery business is preparing to grow its workforce with five new job roles after securing a £100,000 funding package.

Maxima Creditor Resolutions, based in Blakenhall Park Bar Lane, Barton Under Needwood, secured funding from the Midlands Engine Investment Fund’s (MEIF) and Staffordshire & Stoke on Trent Business Loan Fund managed by BCRS Business Loans.

Funding will allow Maxima Creditor Resolutions to strengthen and expand its services as a startup business. The funding will create five additional jobs and support three existing roles which will enable Maxima to employ specialist legal support and take advantage of new market opportunities.

Established in October 2021 Maxima Creditor Resolutions are insolvency experts, specialising in the recovery of outstanding debts for creditors.

Mark Andrews Co-Founder of Maxima Creditor Resolutions, said:

“After securing funding from BCRS we will be able to use the fund to recruit an additional five people and secure the futures of three existing members of staff.

“The investment fund will allow us to recruit legal professionals together with administerial roles to support the infrastructure.

“The loan application process with BCRS was painless. Andrew from BCRS took the time to understand the business and what we were trying to achieve. It felt more like a partnership rather than just completing a single application form.”

Andrew Hustwit, head of business development at BCRS Business Loans, said:

“We are so pleased to have delivered the funding that Maxima Creditor Resolutions need via the MEIF WM Small Business Loan Fund and Staffordshire & Stoke on Trent Loan Fund in order to achieve their growth plans.

“As a lender that delivers funding for intentional social and economic impact, it is great news that five new jobs will be created by Maxima Creditor Resolutions.”

Grant Peggie, Director, at the British Business Bank, said:

“The MEIF aims to support the growth of SMEs of all sizes, as well as the expansion of the Midlands economy. The funding for Maxima Creditor Resolutions will support the company’s development, while also enabling the creation of new job roles in Staffordshire. Other start-ups in the Midlands with similar growth plans and ambitions are encouraged to consider MEIF funding as an option.”

Alun Rogers, chair, at the Stoke-on-Trent and Staffordshire LEP, said:

“From our recent Situation Report (SITREP) and accompanying survey with insights from almost 800 local businesses we know that accessing finance and financial advice was the main area businesses highlighted that additional support was required in the year ahead.

“Working in partnership with the Midlands Engine Investment Fund we can deliver the finance needed which is key in helping businesses in the region like Maxima Creditor Resolutions recover and grow.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.

Businesses in the West Midlands region that are struggling to access finance from traditional lenders can secure loans from £10,000 to £150,000 from BCRS Business Loans to support growth and recovery plans. BCRS is a delivery partner for the Recovery Loan Scheme

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About the Midlands Engine Investment Fund (MEIF) The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development. The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company. The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands. The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The programme will continue to spend to the end of 2023. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding. The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands. The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at https://thebusinessfinanceguide.co.uk About the British Business Bank The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government. The British Business Bank’s core programmes support nearly £8bn[1] of finance to almost 94,800 smaller businesses[2]. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses. As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty. British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk. [1] Figures as at end of June 2020 [2] Figures as at 28 January 2021 About BCRS Business Loans BCRS Business Loans is a co-operative business loan fund run on a non-profit distributing basis. It is owned and run by its Member Investors who elect representatives to the Board of Directors at each Annual General meeting. Established in 2002, BCRS is committed to lending to viable businesses in the West Midlands that have been unable to secure funding through mainstream lenders. As a mutual organisation its purpose is to provide access to finance to enable local businesses to grow and prosper. BCRS offers loans to businesses making a positive contribution to the social, environmental or economic wellbeing of the West Midlands. BCRS receives funding from the European Regional Development Fund and Regional Growth Fund. This Regional Growth Fund programme is provided through Responsible Finance (formally known as the Community Development Finance Association) – www.responsiblefinance.org.uk. It provides loans to small, micro and social enterprises through the community finance sector. £30million of funding is provided by the Government’s Regional Growth Fund, matched with a further £30 million by the Co-operative Bank and Unity Trust Bank. Over £12 million of this was allocated to BCRS to lend across the West Midlands. In addition, BCRS Business Loans is a delivery partner for the Midlands Engine Investment Fund (MEIF) and as such is responsible for distributing the £17 million small business loan fund in the West Midlands. The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, and is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company. BCRS Business Loans also delivers a fund worth £7.5 million from the Community Investment Enterprise Fund (CIEF), which was established by social investment champion Big Society Capital and managed by Social Investment Scotland (SIS). This has been match-funded by Triodos Bank UK, one of Europe’s leading sustainable banks, to create a total fund of £15 million. Responsible Finance is the trade association for the responsible finance industry that provides finance and support to help enterprises and individuals develop and create wealth including support to disadvantaged communities. About Responsible Finance Providers BCRS is a Responsible Finance Provider. Responsible Finance Providers lend money to businesses, social enterprises, community groups, charities, and households who are unable to get finance from high street banks and loan companies. They often help deprived communities and underserved markets where market failures exist in mainstream bank lending. There are currently around 60 active Responsible Finance Providers collectively covering all regions of the UK. BCRS is a founder member of the Fair Finance Consortium of “not for profit” lenders in the West Midlands www.fair-finance.net, and a Charter member of the National Trade Association – Responsible Finance. BCRS employs a staff of 17 at its HQ at Wolverhampton Science Park, WV10 9RU.

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