Funder CWRT nears £5m mark after first decade
THE Coventry and Warwickshire Reinvestment Trust has celebrated its tenth anniversary as a funding provider.
The CWRT, a Responsible Finance Provider, provides loans for local start-ups and small businesses and has helped dozens of firms become established over the past decade.
Mike Musson, chief executive, CWRT, said: “It’s extremely rewarding to see businesses that we have supported prospering 10 years on. We have invested £4.8m since our first loans in 2005, with more than 350 businesses, leading to the creation of 500-plus jobs.”
Back in 2005, Coventry’s Brightly Dry Cleaners was among the first recipients of a CWRT loan. The Earlsdon Street business received £25,000 and has since expanded with three concessions across Coventry in Binley Woods, Brinklow and Green Lane, and another one opening at the University of Warwick soon. The firm also has commercial contracts with small businesses, Blue Chip companies, pop stars that play the Ricoh and professional theatrical companies. The company now employs four staff and used the loan to buy its first dry cleaning machine.
Anna Jevremovic, owner and managing director of Brightly, said: “I was referred to CWRT by Warwickshire County Council. I had already remortgaged my house and had put together a business plan. CWRT really believed in me and my commitment to make my business succeed. I am grateful for their service, funding and early advice, after all my business is still here and thriving even after the financial crisis.”
European and government loan funds are available through CWRT as an alternative to high street bank lending to businesses. Available to a wide range of sectors within Coventry and Warwickshire, the start-up or small business loans can be used for a variety of purposes, including equipment purchase, moving to new premises or growing a workforce.
“We are committed to our role in growing the local economy by supporting small and start-up businesses with finance. As a not-for-profit specialist finance provider, we have gone from strength to strength over the last 10 years as we provide fledgling businesses with access to critical affordable funding which they might not be able to get elsewhere,” added Musson.
CWRT lends between £1,000 and £75,000 to businesses and individuals based in Coventry and Warwickshire. It provides flexible and competitive finance designed to meet the needs of entrepreneurs and businesses from the area who are unable to obtain loans from mainstream sources of finance.
