Funding worth £500,000 has been made available to SMEs in Warwickshire that are finding it difficult to access traditional loans.

The cash is being provided by Warwickshire County Council — through its Growth Fund — plus the Coventry and Warwickshire Reinvestment Trust. Firms can apply for loans worth up to £75,000.

Izzi Seccombe, leader of Warwickshire County Council, said: “This is excellent news for Warwickshire SMEs that have been finding it difficult to access loans to fund their growth. Now they have the chance to get cash from a new pot
of funding — the first tranche of a £3 million package of support for Warwickshire SMEs put in place by Warwickshire County Council. I encourage them to take advantage of this opportunity and make an application.”

Mike Musson, chief executive of the Coventry and Warwickshire Reinvestment Trust, said: “We believe there are businesses in the region that can be as successful as Jaguar Land Rover — a company that continuously invests in new capital equipment.

“Just like the car giant, local businesses want to purchase or lease machinery and tools to increase their productivity and profitability. Unfortunately, some Warwickshire companies are still unableto get a loan from High Street banks, and that is where this new funding will help.”