Coventry, 9 May 2016. The Coventry and Warwickshire Reinvestment Trust (CWRT) has announced that it is opening up its start up loans to companies nationally.
Loan applicants no longer need to attend CWRT’s Coventry offices for an interview, as applicants are now being interviewed over Skype if they are outside of the core Coventry, Warwickshire, West Midlands, Northants, Oxfordshire and Leicestershire regions.
Indeed, the Coventry based loan provider has helped Christopher Sekyere, from London, who received a CWRT Micro-Loan of £1,000 to help with his new sports company. Up & Coming Sports Ltd offers personalised strengthening and conditioning programs to young players in football. His work consists of assisting young players at all levels in their physical development.
As a delivery partner for the government backed Start-Up Loans company, CWRT has successfully funded over 100 start-ups in 2015, and is looking to match or beat that number in 2016, with its two main products – the new CWRT Micro-Loan and its existing Start Up Loan.
In the responsible finance provider’s efforts to expand nationally, it is already listed on Leicester and Northants county council websites to inform local businesses of the new avenue of funding.
CWRT’s new Micro-Loan product lends from £500 – £4,500 to start-ups seeking financial assistance for immediate needs, such as office equipment, marketing expenses or a website upgrade, while the Start Up Loan lends up to £25,000.
Allison Evering, new start-up loans officer at CWRT, explains: “We have grown our team and now want to help more companies to realise their dreams. I am especially interested in supporting more black and ethnic minority and female run businesses. We offer a real alternative for companies that are unable to access mainstream finance. Our loans are part of our national start-ups initiative and we are looking to attract more companies wherever they are.”
While there are many uses of CWRT loans, they have successfully been used in conjunction with grants, so providing the match funding often necessary to gain free grant funding.
The CWRT Micro-Loan and Start Up loan are available to anyone over the age of 18, owning a UK business. The loan itself can be spread over a 1 to 5 year period with a competitive fixed interest rate of 6%. There are no administration or early repayment fees, so for businesses proving to be even more successful than anticipated it can be paid off much more quickly.
To find out more about CWRT Micro-Loans, http://cwrt.uk.com/micro-and-startups-loans/.
CWRT is a not-for-profit specialist finance provider committed to supporting businesses and individuals based in Coventry and Warwickshire. It provides flexible and competitive finance designed to meet the needs of entrepreneurs and businesses from the Coventry & Warwickshire area who are unable to obtain loans from mainstream sources of finance.
CWRT understands that obtaining business finance can sometimes be a challenge. The lack of a track record, unreasonable security arrangements, past financial problems or simply not meeting conventional credit scoring methods may raise barriers to obtaining funding.
Since 2004, after receiving funding from various organisations including the European Regional Development Fund, Coventry City Council, RGN Rural/ WCC Urban programme, Warwickshire County Council, CWLEP Growing Places and the Start Up Loans Company, CWRT has loaned nearly £5 million to start-up and existing businesses in Coventry and Warwickshire that have had difficulty in raising finance elsewhere.
More information about funding:
For more information, contact Mike Musson at 024 76 551 777