Loans of up to £10million are available from Warwickshire County Council as part of a substantial wider debt funding package.
The £100million Warwickshire Recovery and Investment Fund (WRIF) was launched in 2021 as part of the Council’s COVID recovery support. Within this sits the £50million Business Investment and Growth (BIG) fund.
The BIG Fund is designed to support existing businesses in Warwickshire, or those who are wishing to locate within the county, who are looking at growth or new market opportunities with loans ranging from £0.5m to £10m for predominantly capital projects.
Warwickshire County Council is particularly interested in businesses and sectors that will help drive the future of the county’s economy, and business activities that will help support the commitment towards a net-zero carbon economy.
The key objectives of the BIG Fund are:
- Creating new jobs within the county or for residents of Warwickshire
- Increasing economic output
- Levering additional investment into the county
- Increasing level of business rates
- Supporting the transition to a low carbon economy
Priority sectors of interest to the County Council under this fund are:
- Automotive technology
- Digital creative and digital technologies
- Future mobility
- Advanced manufacturing
- Culture, tourism and hospitality
- Modern methods of construction
- Health and wellbeing
- Agri-tech and rural based businesses
- Businesses in the supply chain that support delivery of the council’s priority outcomes for people, for example public health
Investment proposals from businesses outside these sectors are considered if they focus on innovation and future growth opportunities and demonstrate a clear commitment to low carbon activities.
Cllr Martin Watson, Warwickshire County Council’s Portfolio Holder for Economy and Place, said:
“We are committed to working with our partners and local businesses to ensure that Warwickshire bounces back from the pandemic with a vibrant and sustainable economy, This sizeable BIG fund for businesses is a clear demonstration of that.
“This is a big commitment, but we need an ambitious and bold strategy to play our part in creating a healthy job market with opportunities for everyone to find work.
“We are seeking projects that will have a positive impact not only on the economy but also on our society and environment, making Warwickshire the best it can be, sustainable now and for future generations.”
How to apply?
Businesses who feel they meet the aims and ambitions of this fund and want to find out more are encouraged to complete the Expression of Interest form on the website: www.wrif.co.uk
The Business Growth team at Warwickshire County Council will then make contact to discuss further and provide an initial view on the suitability of the fund.
Subject to a basic eligibility test, a specialist advisor will then be appointed to work with you to review the investment proposal, assess the business plan, provide advice if needed and set out the information needed to undertake due diligence. Following due diligence, a draft Heads of Terms document will be developed, which will set out the loan offer, rate of interest and any key conditions.
For more information about the BIG Fund and wider WRIF, visit www.wrif.co.uk
For more information on British Finance week please visit www.british-business-bank.co.uk/finance-hub/business-finance-week/