New fund to boost manufacturing in the Midands
Posted on 02 Aug 2021 and read 755 times
Manufacturing business in the Midlands can now benefit from a new £140 million fund to help the sector bounce back from the Covid-19 pandemic. wWarwickshire County Council
has agreed the significant new fund to stimulate its economy, create jobs, support local businesses and attract investment into the area which has a rich heritage in manufacturing – with Aston Martin and Jaguar Land Rover based there – and, together with neighbouring Coventry, there are 45,000 people employed in the sector.
The Warwickshire Recovery and Investment Fund (WRIF) specifically addresses a gap that has been identified in the market for access to finance. The aim is to distribute £140 million over the next five years, offering loans and other financial investments to existing and new businesses to help their long-term recovery and growth.
The first programme to open is the £90 million Business Investment Growth (BIG) fund aimed at medium to large companies with a good track record. The funding will be targeted at businesses looking to expand as well as companies wanting to make Warwickshire the place where they do business.
Councillor Kam Kaur, Warwickshire County Council’s portfolio holder for economy and place (pictured), said: “We have committed to ensure Warwickshire bounces back better with a vibrant and sustainable economy that is fit for the future in the world after the Covid-19 pandemic and this sizeable fund for businesses is a clear demonstration of that.
“We are seeking applications from manufacturing companies that will have a positive impact not only on the economy but also on our society and environment. The applications should have a positive impact not only on the economy but also on our society and environment, making Warwickshire the best it can be, sustainable now and for future generations.”
While the fund is focusing on a smaller number of higher value loans, the Local Communities and Enterprise Fund (LCEF) will be aimed at smaller and micro enterprises and will launch in the autumn.
Manufacturing businesses who feel they meet the aims and ambitions of the fund and want to find out more are encouraged to complete the Expression of Interest form on Warwickshire County Council’s website: www.warwickshire.gov.uk/wrif