Jobs saved and created by Government loan scheme
More than 450 jobs have been saved at Coventry and Warwickshire businesses from a Government Covid-19 loan scheme – and other firms have been urged to access the support.
The Coventry and Warwickshire Reinvestment Trust (CWRT) has handed out over £4.5 million since June to businesses across the sub-region on behalf of the British Business Bank as part of the Coronavirus Business Interruption Loan Scheme (CBILS).
CWRT has collaborated with Warwickshire County Council, the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), Nuneaton and Bedworth Borough Council, Rugby Borough Council, Warwick District Council and Coventry City Council to make £6.25 million of investment available to local businesses who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
They have been supported by the CWLEP Growth Hub, the Coventry and Warwickshire Chamber of Commerce and the Federation of Small Businesses.
The funding has led to 453 jobs being saved and 56 jobs being created in Coventry and Warwickshire via CBILS which has now been extended until the end of the year.
Leader of Warwickshire County Council, Cllr Izzi Seccombe, said: “Warwickshire County Council is incredibly proud to have developed a strong partnership with CWRT over many years, helping provide funding to support much-needed loans to our business community when other mainstream finance opportunities were not possible.
“It was a natural development of our partnership to expand our investment to provide further support to the CBILS initiative, and we moved swiftly to release funding at an early stage and we are pleased to have led the way in terms of investment in the business community from the local authorities.”
Sheridan Sulskis, Executive Director at CWRT, said many businesses had used the CBILS and the Bounce Back Loan Scheme to invest, grow and create jobs, not just survive.
She said: “I am incredibly proud of how we have come together in these unprecedented times to make sure that our crucial, collaborative interventions can facilitate the survival of local businesses, protect local jobs and, in some cases, create new employment opportunities.
“Together we are helping to create an environment for individuals and businesses to better position themselves to generate opportunities and withstand the impact of economic shocks by becoming more economically resilient.
“We have provided loans to a wide range of micro and SMEs including those in the automotive, manufacturing, retail, wholesale, health and social care, and IT and communications sectors.
“The majority have used the CBILS to ease cashflow problems but there is also quite a lot of optimism in the business community with some using the money to diversify, grow or take on extra staff.
“We want to encourage more businesses to access CBILS particularly with the furlough scheme coming to an end the following month.”
For further information, visit www.cwrt.uk.com or www.cwgrowthhub.co.uk
CWRT is one of large number of accredited CBILS lenders including all the major banks.
For more details, visit https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/
Caption: Sheridan Sulskis, Executive Director at CWRT