CWRT launches Micro-Loans for tech start-ups
CWRT has announced the launch of a new Midlands start-up loan product, CWRT Micro-Loan.
Coventry and Warwickshire Reinvestment Trust has made the new Micro-Loan product to lend from £500 – £4,500 to start-ups, seeking financial assistance for immediate needs, such as office equipment, marketing expenses or a website upgrade. Loan recipients have access to both a growing team of Start Up Loans officers, and further on in the process, a mentor for guidance as and when it is needed.
Leah Blocksidge, new start-up loans officer at CWRT, explains: “With our new Micro-Loans we are offering an alternative to credit card borrowing and speedy access to capital for companies that are unable to access mainstream finance. It’s part of our national start-ups initiative and we are looking to attract more companies both in Coventry and Warwickshire, but also across the Midlands, Oxfordshire, Leicestershire and Northamptonshire.
As Micro-Loans have a quicker application and approval process, CWRT has witnessed their use to jump start a business venture or for the purchase of necessary items such as laptops or sample products.
The Micro-Loan is available to anyone over the age of 18, owning a UK business. The loan itself can be spread over a 1 to 5 year period with a competitive fixed interest rate of 6%. There are no administration or early repayment fees, so for businesses proving to be even more successful than anticipated it can be paid off much more quickly. To find out more about CWRT Micro-Loans, visit http://cwrt.uk.com/start-ups.