Pictured: Paul Kalinauckas - Chief Executive of BCRS, Cllr Adrian Andrew - Walsall Council deputy leader and cabinet member for regeneration, Roger Cashmore, Financial Controller for Service 2000 and Paul Carpenter-  Operations Director for Service 2000

A Walsall based domestic appliance repair company has become the first business to benefit from the recently created Walsall Business Loan Fund.

Service 2000 Ltd received a loan of £30,000 from the loan fund created exclusively to help Walsall businesses that are unable to obtain finance from traditional sources. The fund was officially launched by Walsall Council in conjunction with the Black Country Reinvestment Society (BCRS) in July 2011.

Service 2000 Ltd applied for the loan to help finance their existing domestic appliance repair trade alongside expansion plans of a newly formed business which specialises in bespoke kitchen furniture to both the public and trade. 

Established in January 2003, Service 2000 Ltd took on a factory unit based on Pool Street, Walsall, which initially gave them 3,500 sq. ft. of space for the repair element of the company. 2007 saw the company acquire a second 7, 500 sq. ft. factory unit in Garden Street, Walsall to establish their bespoke kitchen arm of the business.

Paul Carpenter, Operations Director for Service 2000 said "Pool Street is the home of our domestic appliance repair company and we are very proud of our customer base. It is the core business element of Service 2000 Ltd and generates a large part of our daily and weekly jobs. However, we saw there was a gap in the market when it came to bespoke kitchens and wanted to focus our enthusiasm for the development of that side of the business."

Employing over 40 people and increasing turnover from £300,000k in 2003 to £3 Million present day Service 2000 Ltd prides itself on being a professional and reliable organisation and are excited about their future.

"We found it very difficult to gain finance in the beginning. Unfortunately I believe that mainstream lenders are not in the market to lend to small businesses. For me failure is not an option. We have grown this business and we are more than happy to be here seven days a week if the need is there. I am not in this business to become rich quick, I am here because I enjoy the work and I love coming to the factory.

"The Walsall Loan fund has enabled us to project that enthusiasm and determination we all have at Service 2000 Ltd into the new side of the business and I can't thank Walsall Council or BCRS enough. Without the Walsall Loan Fund we would still be at a halfway point. BCRS has a personal approach and assessed us in a different way to the banks. Most SMEs have the market, the plan and the products, but lack of finance is actually stopping them from progressing."

Roger Cashmore, Financial Controller, Service 2000 said, "As soon as we began working with BCRS you could see that they cared about the people and the business. The whole process of dealing with BCRS was very speedy and a very painless process."

The Walsall Business Loan Fund is managed by BCRS and loans of between £10,000 and £50,000 will be made available, but only to viable Walsall businesses already turned away by main stream lenders.

Councillor Adrian Andrew, Walsall Council deputy leader and cabinet member for regeneration, said that it was a key mission for the public sector to create and safeguard jobs.

"This loan fund is all about providing Walsall's business talent with the support it needs. It is fantastic news that Service 2000 Ltd has been able to benefit from its creation and I can only hope that other local businesses are aware of this opportunity for access to finance and get in contact."

Paul Kalinauckas, Chief Executive of BCRS, said: "Service 2000 Ltd is a prime example of a successful business that is creating wealth in the Walsall area. With the help of finance from the Walsall Business Loan Fund it will continue to do so in the future and will safeguard local jobs.

"The Walsall Business Loan Fund is a great opportunity for small businesses to gain access to capital when they need it. BCRS will aim to give a quick response through our fast track online application facility at www.bcrs.org.uk.