Small businesses across Warwickshire are benefitting from more than £9m of investment through Warwickshire County Council’s Local Communities and Enterprise fund (LCE).
The fund helps local firms access the finance they need to grow, create jobs and strengthen the county's economy.
Delivered by Coventry and Warwickshire Reinvestment Trust (CWRT), the LCE fund provides financial support to Warwickshire-based small and medium-sized enterprises (SMEs) that require additional backing to develop and grow.
Since its launch in 2022, the LCE has supported Warwickshire's businesses with over 130 loans, helping enterprises that have strong growth potential and the ability to generate economic impact but may not be able to secure funding through traditional lenders.
The funding has also helped unlock an additional £6.6m of private sector investment, supporting business expansion across the county. As a result, 567 jobs have been safeguarded and a further 190 new jobs created, helping to strengthen Warwickshire's economy and create opportunities for local people.
One business to benefit from the fund is Attleborough Auto Centre in Nuneaton, which received a £70,000 loan to support its expansion. The investment enabled the business to relocate to larger premises, invest in new equipment and bring services in-house, helping it meet growing customer demand and strengthen its long-term future. The expansion has supported Attleborough Auto Centre to increase the range of services available locally, providing customers with greater access to automotive services within the community.
Andrew Pethick, Owner of Attleborough Auto Centre, said:
“The CWRT funding has played a huge role in what we have achieved. Without it we certainly would not have been able to afford to set up the new premises in the way that we have. The funding enabled us to purchase equipment, bring outsourced services in house, generate additional income and secure the future of the business and its employees.”
Many businesses face challenges when seeking finance, particularly those in the early stages of development, looking for smaller loans, or operating in sectors that may be considered higher risk by mainstream lenders. The LCE fund helps bridge this gap by providing accessible finance and tailored support to enable businesses to invest in their future.
Councillor Rob Howard, Portfolio Holder for Economy and Rural Development at Warwickshire County Council, said:
"It's fantastic to see the positive impact the LCE fund is having on businesses across Warwickshire. Access to finance can often be one of the biggest barriers to growth, particularly for smaller businesses and start-ups, and these funds are helping to unlock opportunities that might otherwise not be possible.
"The investment being delivered through LCE is supporting local businesses to innovate, expand and create jobs, benefiting not only the businesses themselves but also helping to create a stronger, more resilient economy in Warwickshire."
Sheridan Sulskis, Chief Executive of Coventry and Warwickshire Reinvestment Trust (CWRT), said:
"Behind every loan is a business with ambition, people with ideas and opportunities waiting to be realised. Reaching more than £9 million of investment through the LCE fund is a significant milestone, but what matters most is the difference that investment makes to businesses and the communities they support.
"Access to finance should not be the barrier that prevents a viable business from moving forward. Through our partnership with Warwickshire County Council, we're able to look beyond traditional lending criteria, understand the individual circumstances of each business and provide the funding and support needed to help them succeed.
"We're incredibly proud of what this partnership has achieved and look forward to continuing to back the businesses that contribute so much to Warwickshire's economy."
For more information about the support available to businesses across Warwickshire, visit the Warwickshire Business Growth Service website.
To find out more about CWRT and the LCE fund, visit www.cwrt.uk.com