Black Country commercial refurbishment company receives funding boost from Midlands Engine
A Black Country company that refurbishes commercial premises has secured a £30,000 cash injection from the Midlands Engine Investment Fund (MEIF) through WM Small Business Loans fund manager, BCRS Business Loans.
Lanesfield Services received this finance to enable it to take on additional contracts across the UK, following significant growth since September 2017. The investment will also help the company create an additional three full time jobs.
Lanesfield Services received the finance through BCRS after it was unable to access finance from traditional lenders.
Chris Yardley, managing director of Lanesfield Services, said: “We are delighted that MEIF – through BCRS Business Loans – was able to support our expansion which was prompted by increased demand for our services.
“Our full-service refurbishment offering is for all types of commercial space – right from offices and factories, to shops for both large national companies and small, local businesses. However, most of our work is subject to a payment term of 45-days after completion so, without this loan from BCRS, we wouldn’t have been able to take on additional contracts.
Tracy Sherratt, business development manager at BCRS Business Loans, said: "After visiting Chris and getting to know his business, we instantly realised that Lanesfield Services Ltd had brilliant future prospects and we were subsequently delighted to offer our support – especially because new jobs are being created for local people.
“BCRS Business Loans believe that no viable business should go unsupported and, unlike many other lenders, we offer a relationship-based approach to lending to provide hands-on support throughout the application process.”
Grant Peggie, director at the British Business Bank which operates the MEIF, added: "The Midlands is home to thousands of small growing businesses and entrepreneurs. The Midlands Engine Investment Fund was set up help these small growing businesses access the finance they need where traditional funding sources are not available. This investment in Lanesfield Services is a great example of the impact that MEIF can have, demonstrating the British Business Bank’s commitment to support business growth and creating new jobs.”
Paul Brown, Back Country LEP board member added: “It is fantastic that MEIF funding is supporting successful companies such as Lanesfield Services Ltd to manage increased demand and company expansion. The Black Country LEP is dedicated to removing barriers to business growth and making the process of securing funding easier for eligible businesses, so it is great to see success in action.”
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.
