Warwickshire businesses unable to access high street loans have benefitted from the Duplex fund, allowing them to access over £3 million in loans to help grow their business.
Since its launch in January 2020, the Duplex Investment Fund has loaned £3,368,206 to 48 businesses across the county. That sum has levered a further £1,081,277 in private sector investment.
As a result of the Duplex Fund, 118 jobs have been created in Warwickshire and 272 jobs safeguarded while another 266.5 jobs are forecast to be created.
The Duplex fund is delivered by Coventry & Warwickshire Reinvestment Trust (CWRT) on behalf of Warwickshire County Council and Coventry City Council. The fund aims to fill a gap in the loans market at a time when mainstream lending was difficult to access.
Businesses supported include Massarella & Jones, in Warwick, whose director, Benjamin Jones, said: “We heard about CWRT from Warwickshire County Council who had nothing but praise for CWRT’s team,” he said. “We were considering relocating for a while but wanted to find the right funding for our project as funding it ourselves would have added unnecessary strain to the business.
“Receiving a Duplex loan and a grant has enabled us to preserve our cashflow, allowing us to cover our overheads and ensure there is some contingency in light of the increasing costs of energy and inflation.”
Councillor George Finch, Interim Leader for Warwickshire County Council said:
“The Duplex Investment Fund is a fantastic example of collaborative working between ourselves and partners, all committed to supporting small businesses and their communities. The £3.25million milestone is a proud achievement and shows how the fund continues to go from strength to strength in supporting Warwickshire’s economy.”
Please find out what other support is available to your business by calling Coventry and Warwickshire Growth Hub on 0300 060 3747 or visiting https://www.cwgrowthhub.co.uk