Firms aiming for growth and increased job opportunities can now tap into an innovative fund from BCRS Business Loans, aiming to help businesses in the West Midlands and Wales.

The move is funded by Lloyds Bank, the first major banking group to get into financing loans for Community Development Finance Institutions (CDFIs), with a new £62m Community Investment Enterprise Fund (CIEF). The fund aims to invest in 800 small businesses nationally to bolster 10,500 jobs.

Stephen Deakin, chief executive, BCRS Business Loans said: "The backing of Lloyds Bank is a game changer for business funding in the West Midlands and Wales, offering new opportunities to kickstart economic growth through the CIEF."

Hoping to replicate the successes of the first phase of funding, BCRS will provide secure loans ranging from £10,000 to £150,000 to small businesses for growth and recovery.

Elyn Corfield, CEO business and commercial banking, Lloyds Bank, expressed her delight in backing local businesses, particularly in deprived areas.