NN Private has received £50,000 in investment to innovate and grow from the new CIEF which was launched in March and backed by Lloyds Bank, the first mainstream lender at scale to finance loans for delivery through socially motivated Community Development Finance Institutions (CDFIs) including BCRS Business Loans.
The new £62m CIEF offers investment to businesses including those in the West Midlands and Wales who are unable to access finance from traditional sources.
BCRS Business Loans is supporting the CIEF delivery by providing secure loans from between £25,000 and £150,000 to enable growth and recovery plans.
The dental practice, which provides NHS and private dentistry to patients at three practices across Birmingham, secured a £50,000 loan to purchase a new, innovative dental laser, offering patients a pain free alternative to soft and hard tissue procedures such as fillings and the removal of tongue and lip ties.
NN Private owner Dr Naveen Nagarathna said: “The use of dental lasers is at the forefront of modern dentistry as they hold huge benefits to the patient in terms of pain management, faster healing, and better results.
“We are thrilled that BCRS were able to fund the cost of the new dental laser as it will enable us to provide a wider offering to our patients, increasing revenue and ultimately growing the business.
“We approached alternative mainstream lenders to assist us with our growth plans but the service we received from Louise Armstrong, Senior Business Development Manager, and the BCRS team was exceptional, smooth and supported throughout the entire process.”
The new fund for small businesses operating in economically disadvantaged areas, which follows a successful first phase of CIEF funding, is managed by Social Investment Scotland (SIS), which has been investing in the social sector since 2001 and is itself a CDFI. BCRS Business Loans delivered loans during the original CIEF programme.
BCRS Business Loans chief executive Stephen Deakin added: “NN Private is a great example of a thriving business looking to diversify and grow and BCRS Business Loans are thrilled to support them through the new CIEF.
“We look forward to building on our new relationship with Lloyds Bank and continuing the impact we made with the original CIEF by supporting a diverse range of businesses to grow and increase employment during the first phase of the fund.
“Our investment in NN Private marks a milestone in our commitment to continue to support companies in some of the most economically challenged areas in the country and to bring further positive social impact.”
Funded by Lloyds Bank, along with social impact investor Better Society Capital (BSC) and contributions from the three participating CDFIs, BCRS Business Loans, Business Enterprise Fund and Finance for Enterprise, aims to invest in 800 small businesses nationally and support 10,500 jobs.
The launch of the new CIEF comes after BCRS Business Loans was appointed as a fund manager for the new £130m Investment Fund for Wales in November and for the Midlands Engine Investment Fund II, which will deliver a £400m commitment of new funding for businesses across the Midlands.
