A further £350,000 funding was approved by the council to support the growth of ambitious businesses looking for external finance in the digital creative sector.
The Digital Creative Recovery Grant scheme was created in January to assist businesses in the Digital Creative sector, who had been previously affected by COVID, with product development or key activities that lead to obtaining further private sector investment. Such was its success that the Council held a second round of match-funded grants between £10,000 to £30,000.
The funding is supporting small and micro businesses in the digital creative sector who have been in business for a minimum of three years. It was designed for businesses that are already looking to raise finance to grow but face challenges in securing private sector investment, or those accelerating activities to put them in a position to raise additional finance.
Round Two received a very positive number of applications which are currently being assessed. It is expected that the award of the successful Round Two grants will be concluded by mid-November. Once these are awarded, the total grant investment by Warwickshire County Council could reach up to £430,000.
Among businesses to benefit from the first round of funding was Leamington Spa-based digital studio Yellow
Panther whose match-funded £30,000 grant went towards software designed to get a new product out to the market.
“The grant helped us massively at a really important time,” said Yellow Panther co-founder Stuart Cope. “We spent 18 months building an exciting new platform but also have 25 current clients to serve so we are very busy, so the grant eased the pressure a lot. We invested the money in two full-time roles and one part-time role to create the marketing materials around the new product.
“The process of getting the grant was really smooth. Stacy O’Connor and Louisa Smith from the County Council were very supportive and flexible and always quick to respond…really refreshing to deal with.”
Cllr Martin Watson, Warwickshire County Council Portfolio Holder for Economy & Place, said:
“The first round of the Digital Creative Recovery Grant was a great success in supporting businesses with their growth plans and we are delighted to have been able to offer this further opportunity in one of Warwickshire’s key economic sectors.”
To find out what other support is available to your business, please call CW Growth Hub on 0300 060 3747
For more information on British Finance week please visit www.british-business-bank.co.uk/finance-hub/business-finance-week/