CWRT marks proud milestone with renewed commitment to small businesses
“Hundreds of small businesses, and thereby the communities of which they are part, have benefited from CWRT support which is delivered with such knowledge, expertise, experience and warmth. Their contribution to our business community and local economy is immense.”
Coventry and Warwickshire Reinvestment Trust (CWRT) is proud to celebrate its 20th anniversary this year – and will enter its third decade as passionate as ever about supporting small businesses.
Since its inception in 2004, CWRT, a Community Development Financial Institution (CDFI), has been dedicated to empowering businesses across Coventry, Warwickshire and the West Midlands by providing essential funding and support.
Over the past two decades, it has issued hundreds of business loans, helping to establish and grow enterprises in various sectors across the region. The 20th anniversary milestone is a real cause for celebration and also an opportunity to underline and restate CWRT’s ongoing commitment to fostering economic development, job creation, and community revitalisation.
CWRT was set up in July 2004 in response to a Department of Work and Pensions (DWP) initiative to support financially deprived people with affordable loans. The concept underlying the DWP approach was based upon the American practice of deploying CDFIs to support local communities by providing affordable finance that would otherwise not be available.
CWRT’s primary aim was to provide personal loans to individuals with limited access to mainstream financial services. However, as they became more embedded within local communities, it became apparent that they needed to broaden their scope to address financial inclusion and promote economic development by expanding their loan offering to local businesses and start-ups.
By offering flexible loan options and personalised support, CWRT has played a crucial role in transforming local businesses and driving regional prosperity.
Their key achievements include:
- CWRT has provided almost £27 million in loans to 837 businesses, significantly contributing to the local economy.
- Through its funding and support, CWRT has helped create and sustain 4,668 jobs across Coventry, Warwickshire and the West Midlands.
- CWRT’s activities have contributed over £116.7 million to the local economy.
- CWRT continues to innovate with its loan products, ensuring they meet the evolving needs of modern businesses.
At this significant anniversary, CWRT remains committed to its core values of community support, economic development and financial inclusion. Plans for the future include expanding loan offerings, enhancing support services, and forging new partnerships to best serve the businesses of Coventry, Warwickshire and the West Midlands.
“Reaching our 20th anniversary is a testament to the resilience and innovation of the businesses we support,” said CWRT chief executive Sheridan Sulskis. “We have achieved some significant milestones over the last 20 years, which include deploying over £7.4m to help local businesses during COVID and we are proud to be working in partnership with Warwickshire County Council and Coventry City Council with whom we have set up and now deliver our unique Duplex Investment Fund. We also work with the County Council on their Warwickshire Recovery Investment Fund, being an accredited lender for the British Business Bank.
“These funds, along with the support from key stakeholders, enable us to be a part of the journey of so many businesses which are the bedrock of our communities as we provide financial assistance to help them grow and succeed.
“For myself it is an honour and a privilege to be the CEO at CWRT and I am incredibly proud of the positive impact we’ve had on the local economy and look forward to continuing our mission for many more years.”
Warwickshire County Council’s Portfolio Holder for Economy, Cllr Martin Watson, said: “Coventry Warwickshire Reinvestment Trust has done, and continues to do, fantastic work on behalf of businesses and I offer them the warmest congratulations on their twentieth anniversary.
“Hundreds of small businesses, and thereby the communities of which they are part, have benefited from CWRT support which is delivered with such knowledge, expertise, experience and warmth. Their contribution to our business community and local economy is immense and I look forward to our continued working partnership.”
* To learn more about CWRT please visit www.cwrt.uk.com or contact their friendly team on 02476551 777.