Leicester and Leicestershire businesses suffering from the downturn are being offered a renewed lifeline and reminded they can still access Government support to help them manage and recover from the coronavirus.
Businesses in the city and parts of the county have been particularly badly hit following the localised lockdown which is only now coming to an end.
Some of the current funding is going out through the Midlands Engine Investment Fund which has provided 36 loans in Leicester and Leicestershire worth more than £6.5 million.
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That help has included a £250,000 funding package for family-run Lutterworth homeware wholesaler Fifty One Percent.
The funding is allowing the firm - a wholesaler and distributor of homeware products - to hire four additional staff, and grow its product line and sales and marketing function.
The business supplies products including porcelain and chinaware, soft-furnishings, kitchen textiles and bathroom accessories to major retailers including John Lewis, Harrods’ and Selfridges.
It also supplies internationally to Anthropologie, David Jones, De Bijenkorf and Galeries Lafayette.
It is run by husband and wife team Phil and Jen Butler who launched it in 2009 and recently opened new premises in the south Leicestershire town to display their product lines.
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The latest awareness drive is being supported by the British Business Bank, Leicester and Leicestershire Enterprise Partnership Limited (LLEP) and its Business Gateway Growth Hub, Leicester City Council, and East Midlands Chamber.
Kevin Harris, who chair the Leicester and Leicestershire Enterprise Partnership and is a member of the strategic oversight board for the Midlands Engine Investment Fund, said: “Some of the 海角视频’s most innovative, ambitious and resilient businesses are located in Leicester and Leicestershire.
“While the last few months have been challenging, we will bounce back.
“Today’s awareness drive is to highlight the finance options available to businesses in Leicester and Leicestershire.
“This funding can be used to manage the interruptions caused by the coronavirus and support long-term business recovery.”
The funders supporting businesses in Leicester and Leicestershire include:
– Midlands Engine Investment Fund (MEIF) – providing between £25,000 and £2 million of debt and equity finance to businesses based in the West Midlands and East and South Midlands
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– Coronavirus Business Interruption Loan Scheme (CBILS) – providing up to £5 million to smaller businesses with a turnover of less than £45 million
– Coronavirus Large Business Interruption Loan Scheme (CLBILS) – providing up to £200 million to larger businesses with a group turnover of more than £45 million
– Bounce Back Loan Scheme (BBLS) – provides up to £50,000 to micro, small and medium sized businesses requiring smaller loans, with no repayments during the first 12 months
– Future Fund – convertible loans from £250,000 for early stage, high growth potential companies that have previously raised more than £250,000 in equity investment
Peter Chandler, head of economic regeneration at Leicester City Council, said: “We have seen many Leicester businesses responding positively to the challenges imposed by the recent lockdown.
“I would encourage all businesses to consider the financial support available to support their ongoing sustainability and growth.”
David Pearson, director of partnerships at East Midlands Chamber, said: “The chamber has broadly welcomed the range of finance options available to business during this crisis, and firms in Leicester should remember that all these schemes are still available to help them see their way through the recovery phase following the easing of the localised lockdown.
“Leicester has a strong and resilient business culture which will ultimately shine through by looking after cashflow and investing for the future.”
Grant Peggie, director at the British Business Bank, said: “As Leicester businesses come out of an extended lockdown it is important that they are aware of the funding options available to them.
“External finance can provide small businesses with working capital and help to ensure premises are Covid-19 compliant and support cashflow.
“The Midlands Engine Investment Fund and the wider COVID-19 schemes through the British Business Bank provide a range of finance options.
“We join our partners in Leicester and Leicestershire in encouraging businesses to assess their finance options and also take advantage of wider support from the Business Gateway Growth Hub and East Midlands Chamber of Commerce.”