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New loan scheme for Warwickshire's small businesses and start-ups



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A NEW loans scheme has been set up to help start-up businesses and allow existing firms to grow.

The Local Communities & Enterprise Fund (LCE) is part of Warwickshire County Council's £140million Warwickshire Recovery and Investment Fund (WRIF), created to aid the economic recovery of the county post-Covid.

The LCE will help new and small businesses obtain the finance they need to start up and grow and will be delivered by Coventry and Warwickshire Reinvestment Trust.

Its principal focus is micro businesses (fewer than 10 employees) and small businesses (fewer than 50), but from medium-sized enterprises of up to 250 employees can also apply.

The fund is open to all business sectors, but priority will be given to those particularly significant within the Warwickshire economy, including: advanced manufacturing and engineering, digital creative and digital technologies, culture, tourism and hospitality and low carbon technologies

Other key sectors included retail, community-based enterprises, creative industries, health and wellbeing and social care.

Cllr Kam Kaur, the council’s portfolio holder for economy and place, said: "We are very excited to launch the Local Communities & Enterprise Fund which is an integral part of our ground-breaking Warwickshire Recovery and Investment Fund.

"Warwickshire has a wonderful breadth of small businesses and they are integral to our county's economy and communities. The LCE will support those businesses which are seeking to consolidate and grow post-Covid and also help other entrepreneurs to turn their ideas and skills into new small businesses.

“This is also an excellent example of putting our community powered approach into action, we are stepping forward to support businesses and social enterprises to make a real and lasting impact within their communities.”

The LCE runs parallel with another element of the WRIF, the £90 million Business Investment Growth strand which offers debt finance to medium and larger businesses (more than 250 employees) and was launched in Summer 2021

To apply, or for more information, visit www.cwrt.uk.com/wrif-lce-fund.



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