Wolverhampton-based digital agency secures £100,000 funding boost
A Wolverhampton-based digital media agency has secured a £100,000 funding boost.
LearnPlay Foundation secured the finance from BCRS Business Loans through the Midlands Engine Investment Fund (MEIF) in conjunction with the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding is being used to support the business’s cash flow during the period of disruption caused by the coronavirus. It is helping to safeguard 57 jobs and enabling LearnPlay to explore alternative ways of delivering interrupted contracts.
LearnPlay Foundation is a creative digital media company specialising in games-based technologies, film development, branding design and training.
Ro Hands said: “Securing this funding will allow us, like many businesses, to continue to work in an unpredictable economic landscape.
“As well as being committed to making a difference to people’s lives using games and media based technologies, LearnPlay now houses a successful media, programming and promotional task force, working with the likes of Tesco, the Highways Agency and local shops.
“Traditionally being a mainly face-to-face service, we will now focus on growing our remote offering by developing training sessions and assessments that can be conducted virtually.”
Lynn Wyke, senior business development manager at BCRS Business Loans, said: “We are delighted to have supported LearnPlay Foundation. Not only is the training that LearnPlay delivers vitally important in improving the future prospects of those who feel uninspired by traditional education methods, but the company’s expertise and experience means it now has a strong commercial portfolio.
“As a lender of intentional social and economic impact, we are helping to safeguard 57 jobs with the potential for roles to be created in the future.
“We are dedicated to supporting businesses that are unable to access finance from traditional lenders, especially during the period of interruption caused by the coronavirus. We believe that no viable business should go unsupported.”
Ryan Cartwright, senior manager at the British Business Bank, said: “This MEIF loan backed by CBILS, will support the business with its ongoing operations, enabling the team to explore new ways of delivering its service. We’re pleased that MEIF has been able to support and would encourage other Midlands’ businesses to consider the support available through these funds.”