Spa Electrical Services, based in Leamington Spa, is using £20,000 from Wolverhampton-based BCRS Business Loans to purchase a branded van for use by apprentice Taylor Carreira, who is nearing qualification.
The business was launched in 2022 by directors Andy Punnett and Dean Usherwood, both experienced electricians, to serve customers across Warwickshire. They also plan to use the loan to improve the company’s marketing and to invest in branded work clothing.
Andy Punnett said: “With the funding from BCRS Business Loans we can continue to grow the business. I did an apprenticeship when I was starting out and recognise the value of giving a young person an opportunity so we wanted to invest in a van for Taylor to support his development.
“I knew we needed funding and went online where I found BCRS Business Loans, who have been great throughout the process.
“It was nice that Gareth Evans, our business development manager from BCRS Business Loans, took the time to visit in person to sit and go through our plans face to face. The personal touch was nice and compared favourably with our experiences of other lenders.
“Around 40 per cent of our business comes from repeat customers, which is great, but we want to grow by reaching new clients.”
Gareth Evans, Business Development Manager, said: “As a community lender BCRS Business Loans which aims to support small businesses, we were pleased to support Spa Electrical Services.
“Part of our brief is to help companies looking to develop skills and shape future talent, so we were delighted to help the Spa directors to take their apprentice to the next level.
“We look forward to seeing the directors achieve their growth plans by developing their client base and offering secure employment opportunities.”
Community development finance institution BCRS Business Loans delivers loans between £10,000 and £250,000 to SMEs across the Midlands and Wales who are unable to access the finance they need from traditional sources.
BCRS Business Loans lent to Spa Electrical Services from its own funds. Chief Executive Stephen Deakin said: “Small businesses are the backbone of the UK economy and we are delighted that our loan to Spa Electrical services will allow them to generate local success and provide employment opportunities to the next generation.
“Our goal is to ensure no viable business goes unsupported, regardless of the size of their operation, so we will enjoy seeing Spa Electrical Services put their plans into action.”
Since 2002, BCRS Business Loans has delivered £100 million in total lending to businesses, generating £518 million in economic impact. Up to April 2025, BCRS Business Loans supported 1,594 businesses that were unable to access traditional finance, creating over 5,900 jobs and safeguarding 11,779 existing roles.
During the 2024-25 financial year BCRS Business Loans achieved one of its best years ever for delivering funds, providing £9,900,502 to 124 businesses, a 68 per cent increase in the number of SMEs supported compared to the previous year.
In the last financial year, lending through BCRS Business Loans safeguarded 889 jobs and created 317 roles while adding £51.2m to the economy of the West Midlands, surrounding region and Wales. Of the funding, 34.6 per cent went to the UK’s most disadvantaged areas.
BCRS Business Loans is a fund manager for the small funds pot of two British Business Bank-funded programmes, the first £130m Investment Fund for Wales and for the Midlands Engine Investment Fund II, which will deliver a £400m commitment of new funding for businesses across the Midlands.
BCRS Business Loans divests lending on behalf of the Community Investment Enterprise Fund (CIEF), a £62m fund supported by Lloyds and social impact investor Better Society Capital (BSC) with management by responsible finance provider Social Investment Scotland (SIS) which aims to invest in 800 small businesses nationally and support 10,500 jobs.
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