Warwickshire SMEs awarded £2.5m over two years through council scheme
A scheme launched by Warwickshire County Council to support the region’s startups and SMEs has distributed almost £2.5 million of funding in less than two years.
The Local Communities & Enterprise Fund (LCE) began in June 2022 to provide loans to businesses which struggle to access lending through the usual high street banking routes.
It’s since lent a helping hand to 44 businesses and social enterprises, with the funding expected to create 210 jobs and safeguard a further 258.
Cllr Martin Watson, portfolio holder for economy at Warwickshire County Council, said: “The LCE demonstrates our commitment to supporting micro, small and medium businesses and social enterprises, particularly those who needed an extra helping hand following the pandemic.
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“To have allocated nearly £2.5 million to businesses throughout the county will make a vital difference to the owners and employees as well as boost our economy.
“To create and safeguard jobs not only benefits families but 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.”
The fund is delivered by Coventry and Warwickshire Reinvestment Trust (CWRT) as part of the County Council’s £64 million Warwickshire Investment Fund (WIF).
Sheridan Sulskis, CEO of CWRT, added: “It’s not always easy to know where to turn when your investment plans are turned down by mainstream lenders.
“But the LCE has proved instrumental in negotiating that hurdle to enable those with sound plans to access affordable finance to start-up or to grow their business.
“It’s been willing and able to provide loans when mainstream lenders were hesitant because of the importance of supporting the economic recovery and future growth of Warwickshire.
“We’ve had the privilege of managing this fund for Warwickshire County Council and seen how it has helped a wide breadth of businesses in all corners of the county.
“We’re looking forward to supporting even more businesses over the next few years.”
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