In September, the British Business Bank accredited Coventry and Warwickshire Reinvestment Trust (CWRT) as the third delivery partner in the UK for its Community ENABLE Funding (CEF) programme.
This significant milestone will see CWRT allocated up to £13m to deliver business loans above £25k. The funding will unlock access to capital for underserved businesses Coventry, Warwickshire and parts of the Midlands, including those in disadvantaged areas, new businesses seeking start up loans, or companies declined by traditional finance routes.
This accreditation strengthens CWRT's ability to support a diverse range of businesses, with a particular focus on underrepresented groups such as female and ethnic-minority led businesses, helping to improve the local small business network.
Reinald de Monchy, Chief Banking Officer, British Business Bank said:
“It’s great to welcome the Coventry and Warwickshire Reinvestment Trust as a delivery partner under the Community ENABLE Funding programme. Alongside First Enterprise, we now have two CDFI lenders accredited under the programme who are committed to supporting small businesses in the Midlands.”
This national recognition is a success built on the foundation of our powerful local partnerships. The support we have received over many years from both Coventry City Council and Warwickshire County Council has been the bedrock of CWRT's growth. Their long-standing commitment was instrumental in our ability to provide impactful business loans across Coventry and Warwickshire, directly paving the way for this new chapter with the British Business Bank.
In 2022 Warwickshire County Council collaborated with CWRT to launch the Local Communities and Enterprise Fund. This initiative was designed to provide finance, including accessible start up loans, to a range of SMEs, from micro-businesses to social enterprises, helping them to access the funding needed for growth and to stimulate the local economy.
A fundamental part of CWRT's collaboration with Coventry City Council has been the Duplex Investment Fund, which began in September 2019. This fund, also supported by Warwickshire County Council, offers a unique combination of a loan and getting a portion of the loan money back, for capital expenditure. The fund has been pivotal in enabling businesses to access the business loans they need to grow, innovate, and create jobs across the region.
Councillor Rob Howard, Portfolio Holder for Economy at Warwickshire County Council, said:
“At Warwickshire County Council we are proud of our long-standing relationship with CWRT, including working together on the delivery of our £10m Local Communities and Enterprise Fund which supports a range of SMEs to access funding and promote business growth.
“Now that CWRT is a recognised delivery partner for the CEF programme this is great news for Warwickshire’s underserved businesses as there is now additional lending available to support them.”
Councillor Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change, said:
“It’s fantastic that CWRT is now able to offer more funding to support local businesses in Coventry and the surrounding area in Warwickshire especially for those businesses which may not have been eligible for other types of support or funding. We know the impact that small businesses have on the region’s economy, creating jobs for local people, and we want to continue to encourage businesses to grow and flourish. The other good thing about this extra funding is that it will enable CWRT to work with Coventry businesses that might have struggled to access traditional finance.”
Sheridan Sulskis, CWRT CEO said:
“I am incredibly proud that both our local Councils and the British Business Bank continue to believe in CWRT, back us, and enable us to grow. Their support has been the foundation of our journey, and this new accreditation allows us to take our impact to the next level. By unlocking more funding, we can reach businesses that are too often excluded from traditional finance, helping them to start, scale, and thrive. Most importantly, it means we can grow our social and economic impact more than fivefold — creating opportunities, safeguarding jobs, and strengthening communities right across the region.”
Find out if your business is eligible for the Community ENABLE Fund and start your application now: https://www.cwrt.uk.com/community-enable-fund