Home About Contribute Media Kit Contact Sign In


Finance Industry News

Major new loan fund launched for SMEs in C&W

The package of support also includes the continuation of the The Duplex Investment Fund, which was set up to help with investment and growth in the local economy through a grant and loan scheme.

Major new loan fund launched for SMEs in C&W

"It is critical to recognise the importance of SMEs being able to access finance quickly during this pandemic."
Sarah Windrum

The Programme Delivery Board of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) has agreed to contribute up to £2 million of funding to help SMEs in Coventry and Warwickshire suffering with cash flow as a result of the Coronavirus pandemic.

The additional money forms part of a larger package of support already confirmed by Coventry City Council, Warwickshire County Council, Nuneaton and Bedworth Borough Council, Rugby Borough Council and Warwick District Council to assist SMEs impacted by Covid-19.

The package of support also includes the continuation of the ‘The Duplex Investment Fund’, which was set up to help with investment and growth in the local economy through a grant and loan scheme.

SMEs in Coventry and Warwickshire will be able to apply for funding from Coventry and Warwickshire Reinvestment Trust (CWRT), who are delivering the scheme through the government backed Coronavirus Business Interruption Loan (CBILS) that is due to expire at the end of September 2020.

The funding will be available to local businesses who are experiencing lost or deferred revenues, leading to disruptions to their cashflow due to the impact of Covid-19. There will be flexible repayment terms and it will be interest-free for the first 12 months.

Sheridan Sulskis, Executive Director of CWRT, said it is estimated that this additional funding could lead to the safeguarding of 550 jobs.

She said: “A survey from the British Chambers of Commerce suggested that 20 per cent of businesses will need support from the CBILS and we are well positioned to channel investment into businesses unable to secure finance from banks and other mainstream lenders. We are dedicated in supporting businesses to rebuild, adapt, diversify and add new employment in the months to come.

“As an ethical lender, this additional funding will enable us to help even more businesses ease their cash flow at a time when they need it the most which, in turn, will play a part in their survival and boost the economy in Coventry and Warwickshire.”

Nick Abell, interim chair of the CWLEP, said cash flow remains the primary concern for many businesses.

He said: “As the situation surrounding Covid-19 has evolved, SMEs across Coventry and Warwickshire have very quickly faced liquidity challenges, job losses and having to put projects on hold as they are struggling to make payroll.

“There is still a clear need for additional working capital for businesses in Coventry and Warwickshire, and this is becoming increasingly urgent because of the need for cash flow for business survival but also because CBILS guarantees will stop becoming available at the end of September.”

Sarah Windrum, board director and chair of the digital and creative business group at the CWLEP, and FSB West Midlands policy leader, said this new loan funding could play a major part in helping some SMEs survive in the short and medium term.

She said: “It is critical to recognise the importance of SMEs being able to access finance quickly during this pandemic.

“The impact of Covid-19 is continuing to affect businesses and by helping to fill the gaps in mainstream lending, this scheme will provide loans which are specifically designed to support SMEs through volatile credit markets and tightening credit conditions.”

For more information and to check your eligibility, please visit https://www.cwrt.uk.com/cbils-eligibility and www.cwrt.uk.com


Caption: Nick Abell, interim chair of the CWLEP


Finance Business News - The national awards, which are held in association with ContractorUK and FreeAgent, are highly sought after across the entire accounting industry as they recognise the top contractor suppliers across the UK.

Gorilla Accounting Nominated For Prestigious National Award

Finance Business News - Salford Credit Union is recruiting for a treasurer to donate their time and skills in order to support the organisation s next phase of development - as it improves its offer to compete with high street lenders.

Salford Credit Union appeals for financial services expert to join their board

Finance Business News - Salford Credit Union has created its own face mask to protect Salfordians health while they are out shopping in the city and help them to avoid a fine.

Credit union launches face masks to help Salfordians stay safe and avoid a fine

Finance Business News - West Lancashire IFA Acumen Financial Partnership has added to its team and strengthened the company s commitment to training up talent.

New Appointment at West Lancashire IFA

Finance Business News - The government is to legalise the remote witnessing of wills making it easier for people to record their final wishes during the coronavirus pandemic.

 Video-witnessed wills to be made legal during coronavirus pandemic

Finance Business News - After months of closed car showrooms and mass uncertainty hanging over the automotive industry, the first full month saw 175,000 new registrations across the UK an 11 rise year-on-year in July. While the figures are a much-needed boost for the new car market it was electric vehicles that shone.

July Car Sales Offer Hope and Electric Vehicles Star of the Show