£14.2 million pumped into Coventry & Warwickshire economy

"We continue to be devoted to tackling local disparity in the market by offering dedicated loan and business support packages specifically designed to support SMEs through volatile markets and tightening credit conditions.”

A not-for-profit lender funded by Warwickshire County Council has provided a £14.2 million boost to the local economy to benefit the Coventry and Warwickshire region.

Thanks to Coventry and Warwickshire Reinvestment Trust’s (CWRT) support, businesses across the region have been able to safeguard 339 jobs and forecasted a further 248 jobs to be created.

Throughout the last year, over £4.3 million has been distributed in loans as part of CWRT’s commitment to supporting SMEs, with almost £1million of this going to women-led businesses. CWRT has worked closely with Warwickshire County Council and local partners such as Coventry City Council, CWLEP Growth Hub and the Coventry and Warwickshire Chamber of Commerce to ensure that the needs of local businesses were met.

The £4.3 million included £1.56 in loans from the Duplex Investment Fund of which £1.2m went to businesses in Warwickshire. The Duplex Fund also issued a £268,941 in grants (£230,417 in Warwickshire) during 2022. Meanwhile a total of £618,700 was loaned to Warwickshire businesses during the year through the Local Community and Enterprise Fund, part of the County Council’s Warwickshire Recovery Investment Fund.

As an extra bonus for the year, CWRT successfully gained accreditation by British Business Bank as one of the delivery partners for the Recovery Loan Scheme.

Sheridan Sulskis, CEO at CWRT, said: “We are delighted and proud that CWRT has been able to make a sizeable impact to the region’s economy during 2022. We continue to be devoted to tackling local disparity in the market by offering dedicated loan and business support packages specifically designed to support SMEs through volatile markets and tightening credit conditions.”

Not only has CWRT been providing vital access to finance support to businesses based in Coventry and Warwickshire, but they have also focused their efforts in supporting businesses and individuals through their specialised business support services.

One of those is the successfully piloted The Financial Fit, a free business support programme that assists women in business. Furthermore, in 2022 alone, CWRT has supported the creation of 40 new businesses through its Jumpstart workshops which are part-funded by Warwickshire County Council.

Sheridan added: “The JumpStart project has been instrumental in assisting those that continue to feel the effects caused by the pandemic by offering a specifically designed free workshops to those that have recently been made redundant, on less contracted hours, households that had a dramatic loss of income and need to utilise their skills or turn their passions into a business to generate a source of income.

“The workshops gave the opportunity for those considering setting up a business to meet in one space – learn together, share ideas and network.”

Warwickshire County Council Portfolio Holder for Economy & Skills, Cllr Martin Watson, said: "We are delighted to continue our support, backed by significant financial investment, for Coventry and Warwickshire Reinvestment Trust and their excellent work to help small businesses in these challenging times. Our ongoing support for CWRT underlines our commitment to continue to do all we can to help small businesses across Warwickshire start up, become established and grow."

Alongside extensive efforts to support the local economy, CWRT has been able to almost double its workforce, recruiting an additional six new roles during the year 2022.

The new team have praised the organisation for its inclusive work environment. “CWRT is a small but diverse team, they have supported me in every way whether it’s attending specialised training or adjusting to demanding parenting schedules. It’s a brilliant company to work with, I have nothing but praise,” said Angele Gulbinaite, who joined as a Marketing Officer in May.

Alexander Vill who joined the team as a Loans Officer in January said: ‘’It’s great to be a part of a team that truly values its customers and always tries to support where they can. Having a hands-on approach when helping clients with their loan applications is really rewarding.’’

To learn more about CWRT’s finance offering, including financial support via WCC, and free business support services and the team visit www.cwrt.uk.com or give them a call on 02476 551777

* To find out what other support is available to your business, please call CWLEP Growth Hub on 0300 060 3747