A specialist finance provider in Coventry has taken on three new members of staff as it is set to distribute business loans totalling £5 million in just three months as a result of the Covid-19 pandemic.
Coventry and Warwickshire Reinvestment Trust (CWRT), based at Coventry University Technology Park, has expanded after being approved to provide Government-backed Coronavirus Business Interruption Loans to SMEs across the area.
This has seen the alternative finance provider, which would usually distribute up to £1 million in business loans each year, look to lend £5 million in three months to companies in Coventry and Warwickshire.
The funding has been invested by Warwickshire County Council, Nuneaton and Bedworth Borough Council, Rugby Borough Council, Warwick District Council and Coventry City Council for CWRT to on-lend to local businesses experiencing lost or deferred revenue leading to disruptions to their cashflow.
CWRT has now welcomed David Owen as a loans officer, Mohammed Nadeel as a credit control officer and Keely Copson as a JumpStart project officer to help support the finance provider with the increased demand.
David joins the firm after spending 34 years in the commercial division of a global clearing bank, while Mohammed has a number of years of experience in the energy market as a credit controller.
As well as providing finance, CWRT also delivers free business support services, and Keely, who has worked in events and project management in a variety of sectors, is set to organise workshops to help those looking to set-up their own business.
Sheridan Sulskis, Executive Director of CWRT, said: “CWRT is an ethical lender supporting entrepreneurship and jobs in communities under-served by mainstream providers.
“We have seen a huge influx of businesses across a wide range of sectors coming to us for our support as a result of the coronavirus pandemic.
“Thanks to the funding from local authorities across Coventry and Warwickshire, we have been able to support them by providing Coronavirus Business Interruption Loans during what is an incredibly difficult time for many industries.
“Warwickshire County Council was the first to provide the funding, followed by the district and borough councils and Coventry City Council, which has enabled us to grow, and we are extremely pleased to expand with three new members of staff.
“The deadline to distribute the £5 million is the end of September and there is still funding available, so we would urge any business which requires support to get in touch to find out more about the government-backed guarantee scheme.”
Warwickshire County Council leader Cllr Izzi Seccombe added: “The county council is pleased to further support the Coventry and Warwickshire Reinvestment Trust with their work to support businesses who are unable to secure finance from mainstream lenders at this difficult time.
“The county council has acted swiftly to release further funding to CWRT and is proud to lead the way in terms of investment in the business community from the local authorities.”