Duplex Fund passes £3.25million in loans to Warwickshire businesses
“Receiving a Duplex loan and a grant has enabled us to preserve our cashflow, allowing us to cover our overheads and ensure there is some contingency in light of the increasing costs of energy and inflation.”
A ground breaking programme created to help finance capital investments by local businesses has now loaned more than £3.25million to businesses in Warwickshire.
Since its launch in January 2020, the Duplex Investment Fund has loaned £3,368,206 to 48 businesses across the county. That sum has levered a further £1,081,277 in private sector investment.
As a result of the Duplex Fund, 118 jobs have been created in Warwickshire and 272 jobs safeguarded while another 266.5 jobs are forecast to be created.
The Fund is delivered by Coventry & Warwickshire Reinvestment Trust (CWRT) on behalf of Warwickshire County Council and Coventry City Council. It combines public sector grants and loans and is aimed at businesses in the city and county which are unable to generate sufficient funding to progress with an otherwise viable investment project.
Businesses supported include Massarella & Jones, in Warwick, whose director, Benjamin Jones, said: “We heard about CWRT from Warwickshire County Council who had nothing but praise for CWRT’s team,” he said. “We were considering relocating for a while, but wanted to find the right funding for our project as funding it ourselves would have added unnecessary strain to the business.
“Receiving a Duplex loan and a grant has enabled us to preserve our cashflow, allowing us to cover our overheads and ensure there is some contingency in light of the increasing costs of energy and inflation.”
- Please find out what other support is available to your business by calling Coventry and Warwickshire Growth Hub on 0300 060 3747 or visiting https://www.cwgrowthhub.co.uk