BCRS Business Loans continues its support for Purple Shoots
BCRS Business Loans is continuing its commitment to boosting micro-entrepreneurship across Wales and the West Midlands, providing more than £41,000 in further funding for Purple Shoots.
The latest funding builds on an established partnership between the two organisations and will enable Pontypridd-based Purple Shoots to continue delivering micro loans, of up to £5,000, to individuals across the region, who are unable to access traditional finance. As an evergreen grant, repayments from the loans will be recycled to support even more aspiring entrepreneurs in the future.
The finance builds on last year’s funding, which enabled Purple Shoots to support 10 organisations across the region, helping them to start, or grow their businesses, at a critical early stage. The continued investment will allow the charity to expand that impact even further in the months ahead.
Founded in 2013, Purple Shoots is a not-for-profit microfinance organisation, and registered charity, which works to tackle poverty, unemployment and financial exclusion by enabling people to create sustainable livelihoods through self-employment. Demand for its specialised lending remains strong, with many entrepreneurs relying on its flexible and supportive approach to access the funding they need, in a timely fashion.
Stephen Deakin, chief executive of BCRS Business Loans, said: “We are proud to continue our support for Purple Shoots and the vital work they do to unlock potential across the region.
“Organisations like Purple Shoots are often the first step for people starting out in business and by supporting them, we are investing in the very earliest stages of the entrepreneurial journey. In many cases, we are talking to – and backing – our customers of the future.
“Purple Shoots is reliant on funding like this to deliver impact and I would urge other lenders and organisations to follow suit. By working together and providing financial backing where it’s needed most, we can create real, lasting impact for individuals, families and communities.”
Karen Davies, CEO of Purple Shoots, welcomed the continued backing: “We are incredibly grateful to BCRS for their ongoing support. The previous funding allowed us to support 10 organisations, and this additional investment means we can help even more people turn their ideas into sustainable businesses.
“Partnerships like this make a tangible difference and enable us to recycle funds to support more and more businesses.”
Both organisations share a commitment to responsible lending and social impact, and the continued partnership highlights the important role Community Development Finance Institutions (CDFIs) play in supporting grassroots enterprise, to build a stronger economy.
Since BCRS was founded as a community development financial institution in 2002, it has provided loans worth more than £100m to businesses across Wales and the West Midlands. A social impact report for the last financial year showed BCRS lent £9.9m to 124 businesses, safeguarding 889 jobs and creating 317 roles, adding £51.2m in value to the economy of Wales, the West Midlands, and surrounding regions.