MEP visits Black Country Reinvestment Society

Black Country Reinvestment Society (BCRS) was visited by West Midlands Labour MEP Neena Gill recently to see how European funding was assisting small businesses. The Society provides loans of up to £50,000 to small businesses in the Black Country and Southern Staffordshire.

Chief Executive of BCRS, Paul Kalinauckas, said, “Neena has a keen interest in economic development, sustainability and regeneration in the region. She requested a meeting with us so that she could see for herself how we are enabling small companies to access capital to expand and grow their businesses.

“Part of the change in Europe towards helping small businesses has come about through moving from a culture of grant funding to loan finance, creating recycled funding. Money is given out in various loan programmes and channelled through organisations like ourselves, known as micro finance institutions in Europe. It’s money used again and again – lent and repaid, and channelled back into the economy."

“I wanted to see an example of a micro finance institution in operation”, said Neena Gill MEP. “It’s vital to ensure that ERDF and ESF funding is targeted at small businesses. So, it’s interesting for me to see the vehicles that are enabling this funding to get out.

“All businesses grow from micro starts and the people behind them are the main job creators. The focus of my work is getting investment into the Black Country, and if BCRS weren’t making access to this funding available, the funding wouldn’t be there, with the result being that there would be less innovation and entrepreneurs starting up in business."

www.bcrs.org.uk