"To pass £1million in loans is a fantastic achievement and shows that the LCE has made a significant difference to many businesses and the families and communities they support around Warwickshire."
A funding scheme created by Warwickshire County Council to provide much-needed support to businesses in the wake of the pandemic has awarded more than £1.2million to Warwickshire-based SMEs.
The £10million Local Communities & Enterprise Fund (LCE) was launched in the spring of 2022 to fill a gap in the loans market at a time when mainstream lending was difficult to access.
Delivered for the council by Coventry and Warwickshire Reinvestment Trust (CWRT), the LCE has now awarded £1,226,701 to 25 businesses from a diverse range of sectors since its launch in 2022. Following the loans, these 25 businesses are predicted to experience an almost 50% increase in estimated turnover, totalling a staggering £15.2 million.
The fund is open to all sectors, with priority given to those particularly significant within the Warwickshire economy, including Advanced Manufacturing & Engineering, Digital Creative, Culture, Tourism & Hospitality and Low Carbon Technologies.
Among businesses to have received LCE funding is Leamington Spa-based software company CAE Tech whose director Peter Harman said the support had been invaluable.
“As an SME our finance needs combined cash flow, capital expenditure and investment in growth,” said CAE director Peter Harman. “Our experience with banks is that these mixed needs are not considered - luckily CWRT has a more considerate and holistic approach. The Local Community and Enterprise Fund was the perfect solution for our situation and is helping us to expand our existing projects and put our growth plans into practice.”
CWRT chief executive Sheridan Sulskis said: “Within a year of delivering the LCE fund, we have achieved this incredible milestone. Not only has the LCE been instrumental in providing financial support, it has also helped these businesses in the creation of 89 local jobs while safeguarding a further 113 as the investments are made.
“It has been a privilege to play a part in supporting a range of micro and small businesses to obtain the finance they need to get started and to support established businesses to put their growth plans into action. Our team of local trusted experts are looking forward to supporting more local businesses to start-up, diversify and thrive.”
Warwickshire County Council’s Portfolio Holder for Economy & Place, Cllr Martin Watson said: “The LCE was created to deliver vital support to smaller and early phase businesses and social enterprises at a very challenging time and it has resoundingly achieved that. To pass £1million in loans is a fantastic achievement and shows that the LCE has made a significant difference to many businesses and the families and communities they support around Warwickshire.
“I would like to thank CWRT, who have managed the Fund with such excellence. Their skill and passion has ensured that our investment in it is benefiting the maximum number of businesses.”
To enquire about LCE funding please call 02476 551 777.
The LCE is part of the county council's £100million Warwickshire Recovery and Investment Fund (WRIF), created to aid the economic recovery of the county post-Covid.