More than £1million recycled into businesses through loans scheme
Funding of more than £1million will be recycled into the business community through a loans scheme driven by Warwickshire County Council.
Since its launch in Autumn 2015 the Small Business Loans Programme has provided loans worth over £1.2m to 37 businesses across the county. Those loans have safeguarded or created 227 jobs as part of the council's commitment to helping small businesses to start up successfully, become established and grow.
The programme, which is funded by the council’s Capital Growth Fund and Coventry and Warwickshire Reinvestment Trust (CWRT), continues to go from strength to strength. As loans are repaid, the funding is recycled through further lending and other business support activities.
In light of the high demand for the programme the county council and CWRT will also be making new funding available this year.
Warwickshire County Council's head of transport and economy Mark Ryder said: “The small business loans programme is a really effective way of recycling our investment to the benefit of the maximum number of businesses. Many start-up and small businesses are still unable to raise sufficient finance from their bank. We are, therefore, delighted to be able to work with CWRT to provide loans to those small businesses where appropriate.
"This scheme complements offers from mainstream lenders, helps to address an identified market failure and enables the council to increase the number of businesses that we can support."
Andrew Scarborough, Loans Manager at CWRT, said: "Money is available right now so if your business needs financial assistance to turn a good plan into viable project then please check out our website or give us a call.’"
* CWRT is a not-for-profit organisation accredited by the Financial Conduct Authority. It offers rates, terms and conditions that are designed to help local businesses grow. For more information about start-up or business loans, please visit www.cwrt.uk.com or call 02476 551 777.
* The small business loans programme is part of a £4.3million package of finance for businesses funded by Warwickshire County Council.
* To find out more about the wide range of support available to grow your business, including finance, contact Coventry and Warwickshire LEP Growth Hub on Tel. 0300 060 3747.