A FUNDING scheme to provide much-needed support to businesses in the wake of the pandemic has awarded more than £1.2million to Warwickshire-based SMEs.
The £10million Local Communities and Enterprise Fund was launched in the spring of 2022 to fill a gap in the loans market at a time when mainstream lending was difficult to access.
Delivered for Warwickshire County Council by Coventry and Warwickshire Reinvestment Trust, the LCE has now awarded £1,226,701 to 25 businesses from a diverse range of sectors.
Following the loans, these 25 businesses are predicted to experience an almost 50 per cent increase in estimated turnover, totalling £15.2 million.
The fund is open to all sectors, with priority given to those particularly significant within the Warwickshire economy, including advanced manufacturing and engineering, digital creative, culture, tourism and hospitality and low carbon technologies.
Among businesses to have received LCE funding is Leamington-based software company CAE Tech whose director Peter Harman said the support had been invaluable.
He continued: “As an SME our finance needs combined cash flow, capital expenditure and investment in growth. Our experience with banks is that these mixed needs are not considered – luckily CWRT has a more considerate and holistic approach. The Local Community and Enterprise Fund was the perfect solution for our situation and is helping us to expand our existing projects and put our growth plans into practice.”
CWRT chief executive Sheridan Sulskis said: “Within a year of delivering the LCE fund, we have achieved this incredible milestone. Not only has the LCE been instrumental in providing financial support, it has also helped these businesses in the creation of 89 local jobs while safeguarding a further 113 as the investments are made.
“It has been a privilege to play a part in supporting a range of micro and small businesses to obtain the finance they need to get started and to support established businesses to put their growth plans into action. Our team of local trusted experts are looking forward to supporting more local businesses to start-up, diversify and thrive.”
WCC economy spokesperson Coun Martin Watson added: “The LCE was created to deliver vital support to smaller and early phase businesses and social enterprises at a very challenging time and it has resoundingly achieved that. To pass £1million in loans is a fantastic achievement and shows that the LCE has made a significant difference to many businesses and the families and communities they support around Warwickshire.”
To enquire about LCE funding call 02476 551 777.
