New loan fund available for Warwickshire businesses

WARWICKSHIRE micro, small and medium sized enterprises (SMEs) can now access financial support from a new package of funding worth £500,000.

The funding is being provided by Warwickshire County Council through its growth fund, and Coventry and Warwickshire Reinvestment Trust.

Warwickshire’s contribution is the first tranche of a £3m package of support approved by Warwickshire County Council for the county’s SMEs.

The loans are designed to help businesses access capital investment that will help them diversify or modernise their operations, hopefully leading to economic growth and job creation.

SMEs across Warwickshire will be able to apply for loans worth £1,000 to £75,000 from the growth fund. Successful applicants will need to demonstrate how the cash would directly create new jobs in the county or protect existing employment.

Loans will be available towards the costs of capital assets such as buildings, plant, machinery and equipment.

Cllr Izzi Seccombe, leader of Warwickshire County Council, said: “This is excellent news for Warwickshire’s local SMEs who have been having difficulty accessing loans to fund their growth.”

Mike Musson, chief executive of the Coventry and Warwickshire Reinvestment Trust, said: “The funding is fantastic news for the region, and we see it as an opportunity to support local businesses as they service both national and international clients.

“We believe that there are businesses in the region that can be as successful as Jaguar Land Rover, a company that continuously invests in new capital equipment.”