LCE Fund pumps more than £4million into Warwickshire businesses in two years
"The LCE demonstrates our commitment to supporting micro, small and medium businesses and social enterprises."
A funding scheme created by Warwickshire County Council has lent more than £4 million to small businesses across the county in its first two years.
The Local Communities and Enterprise Fund, part of the Warwickshire Investment Fund and delivered by Coventry & Warwickshire Reinvestment Trust on behalf of the County Council, was launched in April 2022. It is designed to fill a gap in the loans market where mainstream lending may be difficult to access for SMEs and supports smaller and early phase businesses, as well as social enterprises, which are based in or moving into Warwickshire.
The LCE Fund has proved hugely effective in shoring up businesses, enabling growth and safeguarding and creating jobs. In its first two years, the Fund has lent just over £4.1million to 68 businesses, safeguarding 329 jobs with another 328 forecast to be created as a result of the support. The economic impact of jobs safeguarded and to be created is £16.42million – a 4.5 times return on investment.
Businesses from all sectors can apply to the LCE Fund but those most supported by it so far are Retail, Events, Hospitality, Professional Services, Manufacturing and Healthcare & Beauty.
SMEs across the county have benefited with many doubling their turnover in the first 12-24 months following the loan with collective turnovers rising from £20.79 million to £43.74 million.
Among businesses to have benefited from LCE Fund support are:
Mari Carmen Fitness Ltd (Leamington)
The grant was used to launch an industry-leading women’s health & wellness business offering fitness, nutrition & mindset solutions to mothers both pre and post-natal. The finance helped invest further into the business’ fitness app and take on staff and, due to the success, further investment in technology will follow.
MDK Cleaning Ltd (Stratford-upon-Avon)
Received a loan to expand their commercial cleaning business by taking on another franchise area. The business is on track to secure an additional area through the franchise model which will create more jobs and bring economic benefits to Warwickshire.
Mrs Lovett’s Bakery (Rugby)
Has been growing steadily since opening in October 2021. After providing sweet treats to a small radius within Rugby the business was ready move to the next level and the loan enabled purchase of a trailer and equipment to run a mobile bakery to attend fayres, events and weddings, helping boost customer base and generate additional revenue.
YumChop Foods in Bedworth
Retailer of readymade meals inspired by African cuisine and flavours which, prior to the loan, focused on selling their products through vending kiosks at Universities and NHS catering organisations. The loan enables them to fulfil their first orders with two major supermarket contracts with scope to expand across the UK. Has also secured premises in Warwickshire for production as well as additional stock for a new product range.
Warwickshire County Council’s Portfolio Holder for Economy, Cllr Martin Watson, said: “The LCE demonstrates our commitment to supporting micro, small and medium businesses and social enterprises and its success is clear from having lent more than £4 million in the first two years. This money pumped into the local economy is creating and safeguarding jobs, benefiting business, families and the communities in which they live and work. These businesses will, in turn, grow and the LCE is a great example of the support and help we are proud to deliver in Warwickshire.”
Sheridan Sulskis, CEO at CWRT, said: "Access to finance is often the lifeblood for small businesses, empowering them to grow, create jobs, and strengthen local economies. By offering tailored support and flexible lending solutions, CWRT and WCC plays a vital role in bridging the gap for businesses that might otherwise struggle to secure funding.
“Now more than ever, small businesses should seize the opportunity to take on affordable finance to start or grow their ventures, laying the foundation for long-term success and contributing to the vitality of their communities."
* For more information on the LCE Fund, please visit here.
* 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
* This programme is one of a series being promoted by Warwickshire County Council during Business Finance Week (September 24-October 3) to promote business support offered by the Council and its partners.