Start-up businesses have been urged to make their mark as part of Global Entrepreneurship Week by taking advantage of a loans scheme to get their firms off the ground.
The Coventry and Warwickshire Reinvestment Trust (CWRT) is working with the Start Up Loans Company to provide mentoring, training and commercial loans from £250 upwards to entrepreneurs who want to launch their business in Coventry and Warwickshire.
Since 2004, CWRT has loaned nearly £2 million to provide finance for start-up and SMEs who have had difficulty in raising finance elsewhere after receiving funding from various organisations including the European Regional Development Fund, Coventry City Council, Warwickshire County Council and the Start Up Loans Company.
Ahead of Global Entrepreneurship Week which runs from November 18-22, CWRT has been announced one of several delivery partners for the government-funded Start Up Loans Company in the Midlands.
Sally Arkley, interim chief executive of CWRT which is a not-for-profit Community Development Finance Institution, said the Start Up Loans Company is a great initiative to give a helping hand to those start-up businesses that have been turned down for finance through the traditional routes.
She said: “Access to finance remains a hot topic but it is generally recognised that entrepreneurs and SMEs have a vital role to play in moving the UK economy forward.
“We have been working with the Start Up Loans Company to help those with a dedication and passion for setting up their own business not fall at the first hurdle because they can’t get the financial assistance required.
“The project is centred on providing support by helping draw up a business plan and then funding in the form of repayable loan and mentors to ensure their ideas become not only a reality but a success.
“As we approach Global Entrepreneurship Week and the start of a new year there is no better time to take the plunge and we can provide the finance and support to help entrepreneurs turn their gem of an idea into a fully-fledged business.”
CWRT is currently searching for only its second chief executive to continue to lead an organisation which fills the gaps in mainstream lending by providing an affordable alternative to high street banks.
Arkley said: “For nearly a decade we have loaned nearly £2 million and we have plans to further expand our activities, raise our profile and become one of the leading Community Development Finance Institution’s in the country.
“This is a very exciting time for our new CEO and we hope to be appointing early in the new year.
“We have provided ‘loans of last resort’ to new and existing small businesses in Coventry and Warwickshire looking for finance to expand their operations, obtain new premises, purchase new equipment or inventory, or increase working capital after being turned down by mainstream lenders.
“Becoming the official delivery partner of the Start Up Loans Company is another example of how we are growing and that we are here to provide real assistance to SMEs.”