A LOAN of £1million to support small businesses through the coronavirus pandemic has been approved by Warwickshire County Council.
The cash will go to support the government-backed Coronavirus Business Interruption Loan Scheme which is available for companies to apply for a loan from approved lenders.
Among the approved lenders, which include all major banks, is the Coventry and Warwickshire Reinvestment Trust (CWRT), a not-for-profit, FCA accredited finance provider.
The trust supports businesses and individuals primarily based in Coventry and Warwickshire, which includes Alcester and Studley, both those looking to start up or existing businesses who need finances to grow.
However, the current pandemic and resultant temporary closure of many businesses means that demand is expected to exceed available lending, with additional financial backing now needed to help the scheme.
The County Council loan of £1m to the CWRT will enable it to support businesses which are having cash flow problems due to the pandemic crisis.
The scheme is backed by a partial guarantee from the government, but borrowers remain liable for 100 per cent of the debt.
It is expected the County’s £1m loan will enable CWRT to fill in some of the gaps in mainstream lending from banks, supporting small businesses to get through the crisis and safeguarding jobs.
Further details of the CBIL scheme are available at https://www.cwrt.uk.com/cbils
