Members of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) have met their counterparts at Oxfordshire LEP to discuss ways of improving access to finance for businesses.
Members of the CWLEP’s Funding and Access to Finance Business Group travelled to the Saïd Business School in Oxford to hold a joint-meeting with the Oxfordshire Local Enterprise Partnership Access to Finance Group.
The aim of the get-together was to discuss the range of financial information and support available to businesses and how easy it is to obtain finance for new or growing companies.
John Latham, Deputy Vice-Chancellor at Coventry University and operational chair of the Funding and Access to Finance Business Group at the CWLEP, said it was essential access to finance was made as easy as possible to stimulate growth in the sub-region.
“It was an interesting and worthwhile meeting and it was good to share ideas and best practice which are up and running in both LEP areas,” he said.
“We already have an agreed mechanism in place via our Coventry and Warwickshire Small Business Loans Scheme which is being run by small loans specialists the Coventry and Warwickshire Reinvestment Trust (CWRT) to distribute loans up to a maximum of £50,000 to create new businesses.
“Over in Oxfordshire, the LEP is working with four of the major banks to ensure when there are deals which the banks are struggling to get over the line because of some problems such as insufficient security or a perceived lack of experience in the management team, that those problems are overcome.
“The consensus was that our work in improving access to finance should align with the business support already available through grants and loans and by working with the banks in our areas.
“We all agreed that sometimes there is a perception that banks are not lending so that sometimes business owners don’t even ask in the first place and we need to work hard to ensure access to finance remains high on the LEP’s agenda to improve awareness of the grants and loans that are available.
“A joined-up approach between LEPs and the banking community could fill any funding gaps when a deal has nearly been completed because we all want to see more new businesses and jobs being created and for existing companies to expand to contribute to a growing economy.
“This was our first meeting but by working alongside and sharing best practice with other LEPs it can only be positive and improve access to finance for start-up and established businesses.”