What is available?
A £10m fund to finance smaller capital and revenue loans of between £1,000 and £150,000 to support small businesses.
What might this typically fund?
- Refurbishment of vacant retail space
- Development of website and marketing materials
- Cashflow finance to bridge long payment terms
What is the Local Communities and Enterprise Fund (LCE)?
The LCE offers debt funding for both capital and revenue and aims to fill a gap in the loans market where mainstream lending may be difficult to access. The LCE will help stimulate the local economy and represents a significant investment by the council to help new and small businesses obtain the finance they need to start up and grow.
The LCE's key objective is to enable businesses and social enterprises to start up, become established, and grow, thereby enhancing their communities, safeguarding jobs and creating others, including apprenticeship opportunities. This fund also supports the transition to a low carbon economy and climate change adaptation.
Who is it for?
The LCE can support smaller and early phase businesses, as well as social enterprises based in, or moving into Warwickshire. Micro businesses (fewer than 10 employees) and small businesses (fewer than 50 employees) are eligible, as well as medium-sized enterprises of up to 250 employees.
The fund is open to all business sectors, but priority will be given to those particularly significant within the Warwickshire economy. These include: advanced manufacturing and engineering, digital creative and digital technologies, culture, tourism and hospitality and low carbon technologies. Other key sectors which the LCE can support are: retail, community-based enterprises, creative industries, health and wellbeing and social care.
Applications from under-represented groups, including female-led businesses, young people, care leavers and from minority communities will be particularly welcomed and given additional weighting when proposals are being assessed.
How much can you borrow?
Businesses can borrow between £1,000 and £150,000 and this can be for both capital and revenue costs. Loans can be from one year up to a maximum of 10 years.
How to apply
The LCE is being delivered by the fund manager Coventry and Warwickshire Reinvestment Trust (CWRT). You can find out more about the fund, speak to a member of the CWRT team and apply.