New loan fund available for businesses
Warwickshire micro, small and medium-sized enterprises (SMEs) who are having difficulty accessing loans to fund their growth are being given the chance to get financial support from a new package of funding worth £500k.
The funding is being provided by Warwickshire County Council through its Growth Fund, and Coventry and Warwickshire Reinvestment Trust.
Warwickshire’s contribution is the first tranche of a £3 million package of support approved by Warwickshire County Council for the county’s SMEs.
The loans are designed to help businesses access capital investment that will help them diversify or modernise their operations, leading to economic growth and job creation.
SMEs across Warwickshire will be able to apply for loans worth £1,000 to £75,000 from the Growth Fund. Successful applicants will need to demonstrate how the cash would directly create new jobs in the county or protect existing employment.
Loans will be available towards the costs of capital assets such as buildings, plant, machinery and equipment.
Leader of Warwickshire County Council and ward member for Stour and the Vale, Cllr Izzi Seccombe, said:
“This is excellent news for Warwickshire’s local SMEs who have been having difficulty accessing loans to fund their growth. Now they have the chance to get cash from a new pot of funding – the first tranche of a £3 million package of support for Warwickshire SMEs put in place by Warwickshire County Council.
"I encourage as many local firms as possible to take advantage of this opportunity and make an application.”
Mike Musson, Chief Executive from the Coventry and Warwickshire Reinvestment Trust commented: “The funding is fantastic news for the region and we see it as an opportunity to support local businesses as they service both national and international clients.
"We believe that there are businesses in the region that can be as successful as Jaguar Land Rover, a company that continuously invests in new capital equipment. Just like the car giant, local businesses want to purchase or lease machinery and tools to increase their productivity and profitability.
"Unfortunately, some Warwickshire companies are still unable to get a loan from high street banks, and that is where this new funding will help.”
For further information on the Growth Fund Loans, please visit www.cwrt.uk.com or call: 02476 55177
- Micro, small and medium-sized enterprises (SMEs) are defined as a business with fewer than 250 employees whose annual turnover or balance sheet does not exceed £43 million.
- The aim of the funding is to help SMEs realise capital spend projects that will not proceed without funding from the Capital Growth Fund, or support activities that can be brought forward more quickly as a result of the new funding.