Stratford electronics manufacturer AES has been a recipient of a small business loan from CWRT. The Mason Road business received £50,000 in 2010 and has since grown to 24 employees. The company is currently expanding its premises with a £165,000 investment in new factory building and automated, manufacturing technology to service its growing client base.
The firm picked up the Best Company Award at the national Engineering Design Show earlier this year and Small Business of the Year award from Made in the Midland. It also received two, Highly Commended awards from the Coventry Telegraph and is celebrating its order book with a year-on-year increase in revenue of 103%.
Nigel Maris, Owner and Managing Director of AES, said: “I was referred to CWRT by our financial advisor. I had an exciting business idea and had put together a business plan. CWRT really believed in me and my commitment to make my business succeed. I am grateful for their service, funding and early advice, after all my business is still here and thriving even after the financial crisis.”
CWRT provides loans for local start-ups and small businesses and Mike Musson, Chief Executive of CWRT commented on the anniversary: “It’s extremely rewarding to see businesses that we have supported prospering five years on. We have invested £4.8 million since our first loans in 2005, with more than 350 businesses, leading to the creation of 500+ jobs.”
European and government loan funds are available through CWRT as an alternative to high street bank lending to businesses. Available to a wide range of sectors within Coventry & Warwickshire, the start-up or small business loans can be used for a variety of purposes, including equipment purchase, moving to new premises or growing a workforce.
Mike Musson concluded: “We are committed to our role in growing the local economy by supporting small and start-up businesses with finance. As a not-for-profit specialist finance provider, we have gone from strength to strength over the last 10 years as we provide fledgling businesses with access to critical affordable funding which they might not be able to get elsewhere.”
CWRT lends between £1,000 and £75,000. The application is straightforward and personal.