£4.5m in loans given to Coventry businesses saving over 450 jobs

453 jobs have been saved in Coventry and Warwickshire, plus 56 new jobs have been created, thanks to the loans scheme.

More than 450 jobs have been saved in Coventry so far thanks to a Government COVID-19 loan scheme – and other firms have been urged to access the support before it runs out at the end of this month. 

The Coventry and Warwickshire Reinvestment Trust (CWRT) has handed out over £4.5 million since June to businesses across the region as part of the Coronavirus Business Interruption Loan Scheme (CBILS).

CWRT has collaborated local councils to make £6.25 million of investment available to businesses who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.

The funding has led to 453 jobs being saved and 56 jobs being created in the area.

Sheridan Sulskis, from CWRT, said many businesses had used the CBILS and the Bounce Back Loan Scheme to invest, grow and create jobs, not just survive.

She said: “I am incredibly proud of how we have come together in these unprecedented times to make sure that our crucial, collaborative interventions can facilitate the survival of local businesses.

“We have provided loans to a wide range of micro and SMEs including those in the automotive, manufacturing, retail, wholesale, health and social care, and IT and communications sectors.

“The majority have used the CBILS to ease cashflow problems but there is also quite a lot of optimism in the business community with some using the money to diversify, grow or take on extra staff.

“We want to encourage more businesses to access CBILS before it is too late when it finishes on September 30 particularly with the furlough scheme coming to an end the following month.”

For further information, visit www.cwrt.uk.com.