A Warwickshire County Council scheme which was created to support start-up, micro, small and medium businesses has distributed £5million of loans in funding in two and a half years.

The Local Communities and Enterprise Fund (LCE), part of the Warwickshire Investment Fund, was launched in June 2022 to provide loans to businesses who were struggling to access lending by the usual High Street banking routes.

It was originally designed to offer support in the wake of the pandemic but has continued to go from strength to strength. The LCE, which is delivered by Coventry & Warwickshire Reinvestment Fund (CWRT), continues to support businesses across the county and by December 31, 2024 had lent £5million.

The scheme has supported more than 80 businesses, safeguarding 384 jobs, while helping to leverage another £4.5million in private sector investment. It has also helped towards the creation of 33 businesses, 16 environmental initiatives and 22 innovation initiatives.

The LCE has also supported 48 businesses to integrate new products, processes or services and this has led to the creation of 13.5 jobs created with another 41.5 jobs forecast to be created over the next 12 months.

Businesses throughout the county have been supported by the loan fund. They include: 

Aspire and Thrive provides mentoring, engagement inclusion and relational support for children and young people who are at risk of or have been excluded from education. They have utilised LCE to establish essential infrastructure including HR, payroll, recruitment and communications systems, enabling smooth business operations. The loan also supported the development of key partnerships, notably helping the business complete the tender process for Coventry’s Alternative Provision Collaboration.

Love Writing was formed in February 2019 to help children enjoy writing from early years, making it fun, engaging, and easier for children to learn to write as this is one of the fundamental building blocks of a child’s development. The business provides an array of products including writing tools, handwriting books, downloadable packs and has left-handed friendly resources. The funding enabled Love Writing to relaunch its website, strengthen retail and B2B marketing efforts and refinance short-term, high-cost debt. The loan supports the expansion of their product range featuring globally licensed Paddington Bear and Paw Patrol resources into retail and educational sectors. With improved stock availability, the business aims to boost sales, enhance customer experience, and drive growth in both UK and international markets, safeguarding four jobs and creating one.

This wellbeing and massage company provides a range of treatments tailored to each client, with a focus on sharing knowledge and making an informed choice. They also offer classes and workshops including Yoga, Pilates and meditation.

Posture and Poise used the LCE funding to refinance existing debt, launch a specialist training academy, expand their retreat offerings and recruit additional staff. The loan supports the business’s growth beyond its current capacity, enhancing services in physical and mental wellbeing for the local community. By diversifying into training and retreats, Posture and Poise aims to strengthen its business model and create two to three jobs over the next two years.

Fiesta Farewell is an information service where customers can access information about end-of-life arrangements. Through an exclusive directory, customers can access information directly from service providers. To provide a full service, not just a directory, the website will be built so that customers can create an account and save all their wishes in one place. Loved ones will be able to access their wishes either before or after death and deliver the desired celebration directly from the account.

Fiesta Farewell used the funding to cover start-up costs, including website development, initial marketing and copywriting. The business aims to improve access to end-of-life services across Coventry and Warwickshire, creating two jobs while offering a user-friendly platform for thoughtful and informed funeral planning.

This cookie company has a real focus on the dietary requirements of its customers. They have a store in Leamington, developing their bakery in Nuneaton and have a range of corporate customers such as Warner Bros Polar Express experience.

Wicked Cookies used the funding in various ways including working capital and purchasing the most eco-friendly equipment possible. As a result of this loan, three jobs are due to be created and several more safeguarded.

Cllr Martin Watson, Portfolio Holder for Economy at Warwickshire County Council, said: “The LCE demonstrates our commitment to supporting micro, small and medium businesses and social enterprises. The £5million lent so far has supported the local economy in a broad range of sectors across the county and represents a sound and far-reaching investment in the businesses and communities of Warwickshire.”

Sheridan Sulskis, Chief Executive at CWRT, said: “The LCE has proved instrumental in enabling many businesses to start-up or grow despite the challenges of recent years. We have had the privilege of managing this fund for WCC and seen how much it has helped businesses in all corners of the county. To pass £5million in loans is a notable milestone taking into consideration all the business, employees, families and communities that have benefited from that support.”